35-427. Tax levy for amortization of bonds;
determination of tax rate; additional levy; application of monies;
violation; penalty
A. There shall be levied annually upon the taxable property in this state, in
addition to other levies, an amount sufficient to pay the interest on all bonds issued
under the provisions of this article, to be placed in the state treasury in the interest
fund. Each year after such bonds have been issued, an additional amount shall be levied
annually sufficient to pay four per cent of the total amount issued, until all the bonds
are paid and discharged, and the amount shall be placed in the state redemption fund as
collected.
B. The director of the department of administration shall determine the rate of
tax to be levied for the purpose provided in subsection A in the different counties in
the state and certify the rate to the boards of supervisors in each county. The boards
of supervisors shall enter such rate on the assessment rolls as other taxes. If any
county is or becomes delinquent in the payment of such taxes, the board of supervisors
shall, before the next levy, prorate such delinquencies and make such additional levy, in
addition to the current annual rate certified to it by the director of the department of
administration necessary to pay the interest and principal of such bonds on maturity. The
director of the department of administration may reconvene the board of supervisors for
the purpose of entering such rate or additional rate or levy or additional levy as the
director certifies. The county, district or municipal treasurer shall, on or before June
1 each year, pay to the state treasurer the total amount so certified to the board of
supervisors, whether or not the whole amount has been collected.
C. The money derived from such taxes shall be paid into the state treasury and
shall be applied, first, to the payment of the interest on the bonds issued under this
article and, second, to the payment of the principal of such bonds. Whenever sufficient
funds accrue to the credit of the state, the loan commissioners may direct the state
treasurer to call such bonds for payment, if the call is optional.
D. Any interest earned by monies in the redemption fund shall be credited to the
state, county, district or municipality in proportion to the amount paid into the fund by
the state, or such county, district or municipality.
E. Any money remaining in the interest fund after payment of interest, and any
money remaining in the redemption fund after all of the bonds have been paid and
discharged, shall be returned by the treasurer to the county, district or municipality
remitting such money.
F. If the board of supervisors refuses or omits to enter and levy the rate of tax
as certified to it by the joint legislative tax committee or the director of the
department of administration, or refuses or omits to do any act required by this article,
the members thereof are guilty of nonfeasance in office and are individually liable on
their bonds for the total amount so omitted, and the attorney general, upon being
informed of such refusal, shall commence an action against such officials and their
sureties.
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