48-1411. Payment of bonds; tax levy
A. The board of supervisors, at the time of making the levy of taxes for county
purposes, shall levy a tax for that year upon all real property and mobile homes in the
district for the interest and redemption of the bonds for an amount sufficient to pay the
interest on the bonds for that year, for the portion of the principal becoming due during
that year, and in all events sufficient to raise annually for the first half of the term
of the bonds an amount sufficient to pay the interest thereon and, during the balance of
the term, sufficient to pay the annual interest and also to pay annually a portion of the
principal of the bonds equal to a sum produced by taking the whole amount of the bonds
outstanding and dividing it by the number of years the bonds have to run.
B. All taxes so levied, when collected, shall be paid into the county treasury to
the credit of the bond fund of the district to be used solely for payment of principal
and interest on the bonds. The principal and interest on the bonds shall be paid by the
county treasurer on the warrant of the board of trustees from funds provided therefor and
the board of trustees shall cancel and file with the board of supervisors the bonds when
paid.
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