48-2025. Tax levy to pay principal and
interest of bonds
A. The principal of and interest on bonds issued pursuant to this article shall be
paid from revenue derived from an annual tax on the real property and mobile homes within
the sanitary district issuing them, and such real property and mobile homes shall remain
liable to taxes for payment of the bonds and interest until paid in full.
B. Notwithstanding the provisions of subsection A, the board of directors of the
district may provide that all or a portion of the district's annual revenue derived from
sources other than taxes levied pursuant to this section may be used to pay principal and
interest on bonds. So long as all principal, interest or sinking fund payments are
current, the amount of the annual levy for payment of principal and interest may be
reduced by the amount derived from other sources which are pledged or made available for
the payment of principal and interest in such fiscal year. Whenever the district fails,
in any fiscal year, to pay the required principal and interest or meet any required
sinking fund payment, the difference may be made up by an emergency levy in the current
fiscal year and, if not so made up, shall be included in a required levy the forthcoming
fiscal year.
C. The board of directors of a sanitary district shall annually, on or before
August 15, certify to the board of supervisors the amount necessary to pay interest on
and the portion of principal which will become due on bonds of the district during the
ensuing year.
D. The board of supervisors, at the time of levying general county taxes, shall
levy and cause to be collected in the manner prescribed by law for county taxes, a tax
upon the real property and mobile homes within the sanitary district, based upon the
current assessment roll, sufficient to pay the amount certified by the board of
directors. If the board of directors of a sanitary district fails to certify to the
board of supervisors the amount necessary, the board of supervisors shall ascertain the
amount which should have been certified and shall levy and cause to be collected a tax
sufficient to produce that amount.
E. The tax, when collected, shall be paid into the county treasury to the credit of
the bond fund of the sanitary district, and shall be used solely for payment of the
principal of and interest on the bonds. The county treasurer shall pay the principal and
interest on the dates and at the places specified in the bonds in the manner provided by
law for the payment of principal of and interest on county bonds.
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