35-429. Issuance of state bonds for county,
municipal or school district indebtedness
A. The board of supervisors of each county and the proper municipal or school
authority shall report to the state loan commissioners the bonded and outstanding
indebtedness of the county, municipality or school district, and, upon demand of such
authorities, the loan commissioners shall provide for redeeming or refunding such
indebtedness in the same manner as other state indebtedness and shall issue bonds of the
state for any indebtedness authorized by law to be incurred by such county, municipality
or school district.
B. The bonds shall be issued upon the faith and credit of the state only to the
extent that it will cause to be levied and collected taxes for the payment of the
principal and interest of such bonds, and pay the principal and interest when such bonds
have been issued.
C. The county, municipality or school district shall pay into the state treasury,
in addition to all other taxes authorized by law, amounts as directed by the director of
the department of administration, to be levied for the payment of the principal and
interest of such bonds issued for such county, municipality or school district, in the
same manner provided for the payment of the principal and interest of state indebtedness.
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