Section 9-712 - Bonds issued by municipal authorities - Tax levy to pay interest and principal.
§ 9-712. Bonds issued by municipal authorities - Tax levy to pay interest and principal.
(a) Levy.- While any bonds issued under Part II of this subtitle are outstanding, the municipal authority annually shall levy a tax against all of the assessable property served within the municipality to pay the principal and interest on the bonds.
(b) Amount and treatment.- The tax shall be:
(1) Sufficient to pay:
(i) When due, the principal and interest on the bonds; or
(ii) The part of the principal or interest on the bonds that is not paid for by the levy of the annual front-foot assessment under § 9-713 of this subtitle or by the service charges collected under § 9-714 of this subtitle; and
(2) Treated the same as any other municipal tax in every respect, including as to:
(i) Priority rights;
(ii) Interest;
(iii) Penalties; and
(iv) Manner of determination, levy, and collection.
(c) Duty of personnel.-
(1) Each person involved in the levy or collection of the taxes shall perform the duties promptly and properly.
(2) A person may not use any funds collected under this section for any purpose other than the payment of principal and interest on the bonds.
[An. Code 1957, art. 43, § 412; 1982, ch. 240, § 2.]