48-2219

48-2219. Bonds

Any bonds issued under this article may contain a provision requiring the
establishment of a reserve or reserves in an amount equal to the requirements of
principal and interest payments for the two years during the life of the bonds requiring
the largest amount of principal and interest payments, and the district shall maintain
the reserve during the life of the bond issue for the purpose of protecting against any
deficiency in rental payments or tax collections. If it becomes necessary to withdraw
funds from the reserve to protect against any deficiency, the board of directors of the
district shall levy a tax on all the taxable property in the district or utilize service
or rental charges accruing to the district sufficient to maintain the reserve fund in an
amount equal to the original amount thereof. In making the levy for the payment of
principal and interest for the last year when the bonds mature, the board of directors
shall take into consideration the amount of money then in the reserve fund and shall levy
an amount sufficient to pay the principal and interest on the bonds, less the amount then
in the reserve fund.