§ 14-72-305 - Levy of special funding bond tax.
14-72-305. Levy of special funding bond tax.
(a) If a majority voting in the election vote in favor of the issue of the bonds and the levy of the tax, then the quorum or levying court, at any regular, special, or adjourned term thereafter held, shall levy, in addition to all other taxes authorized by law to be levied against all taxable property in the county, a special funding bond tax of not exceeding five (5) mills on the dollar, of the assessed valuation of the property, for the payment of the bonds. This levy, when once made, shall continue and be in force from year to year and extended on the tax books and collected until sufficient funds are collected to pay off and discharge the bonds and interest thereon.
(b) The county court may call a special meeting of the quorum or levying court for the purpose of levying the tax.
(c) If the tax first levied proves insufficient to pay the bonds with interest, it shall be the duty of the quorum or levying court to make the additional levies at a rate not exceeding five (5) mills on the dollar till the bonds with interest are paid.
(d) The proceeds of the tax shall be used only for the payment of the bonds with the interest, and the tax shall be and is pledged as security for the payment of bonds and shall never be diverted to or expended for any other purpose, nor collected for any greater amount or length of time than is necessary to pay and retire the principal and interest of the bonds.