Section 40-18-41 Amortization of ad valorem tax.
Section 40-18-41
Amortization of ad valorem tax.
Any surplus remaining from the proceeds of the tax imposed by this chapter after providing for interest and installment annual payments or annual amortization installments on the current debts of the state as of September 30, 1932, shall be applied to the reduction of the ad valorem state tax on real and personal property.
(Acts 1935, No. 194, p. 256; Code 1940, T. 51, §408.)