35-458. Levy of tax for payment of interest and
bonds


A. After the bonds are issued, the governing body or board shall enter upon its
minutes a record of the bonds sold, their numbers and dates, and shall annually levy and
cause to be collected a tax, at the same time and in the same manner as other taxes are
levied and collected upon all taxable property in such political subdivision, sufficient
to pay the interest on the bonds when due, and shall likewise annually levy a tax
sufficient to redeem the bonds when they mature.


B. Monies derived from the levy of the tax when collected shall constitute a fund
for payment of interest and the bonds. The fund shall be kept separately and shall be
known as the "interest fund" and "redemption fund."