24-622. Resolution for bond issue.
24-622
24-622. Resolution for bond issue.Before issuing any bonds the board shall pass a formal resolution inwhich shall be found and declared (1) the total amount of the tax asconfirmed (both by the original and by the supplemental assessment, ifany), (2) and the total amount of the deductions if any thereon, (3) theestimated cost of collection, and (4) the total amount of the next taxavailable for the payment of the principal and interest on the bonds thedistrict shall intend to issue. The board shall then in said resolutiondivide the total levy theretofore made into convenient installments, andopposite each shall set the year in which they shall become payablerespectively. The board shall then (in said resolution) authorize the bondswhich the district proposes to issue, fixing the terms, date and maturitiesthereof in such a manner that the installments of tax will be sufficient topay the corresponding installments of bonds as and when they become due. Inthe same resolution the board shall provide that in due time, manner andseason it will cause the annual levy to be made in compliance with suchresolution, and thereupon the fund to the extent that it may be necessaryto pay said bonds shall be pledged and hypothecated to the payment of saidbonds which said pledge and hypothecation to the amount so expressed anddeclared shall be superior to any other charge against the same.
History: L. 1911, ch. 168, § 2; May 22; R.S. 1923, 24-622.