55-7-35 - Imposition of tax levy for payment of bonds.
§ 55-7-35. Imposition of tax levy for payment of bonds.
If the bridge and park commission shall determine by order entered upon its minutes and the governing authorities of the municipality or county concerned concur in the findings of the commission by order entered upon its minutes that in order to render the bonds to be issued under Section 55-7-33 salable or to obtain a more favorable rate of interest, that the tax levy hereby authorized is required, then the governing authorities of the municipality or county are authorized to provide for an annual levy during the life of the bonds issued hereunder, not to exceed four mills, upon all of the taxable property within the municipality or county in order to provide additional funds for the payment of the principal and interest of said bonds, and for the sinking funds as may be provided for by the resolution authorizing the issuance of the bonds.
However, before the governing authorities of the municipalities or counties shall make any tax levy as authorized in this section, such levy shall be authorized by a sixty percent (60%) majority of the qualified electors of the municipality or county voting in a special election held in the manner provided by law.
If bonds are issued payable partially from ad valorem taxes, it shall be the duty of the governing authorities of the municipality or county to levy a tax sufficient each year, together with pledged revenues other than the taxes authorized hereunder, to pay the bonds and interest thereon as such bonds and interest become due, and to provide the sinking funds set forth in the order authorizing the issuance thereof. However, in no event shall a tax levied exceed the amount authorized in the first instance by the governing authorities of the municipality or county. Any part of this tax levy lost through homestead exemption shall not be reimbursed by the state.
If during any year all or any portion of the levy authorized hereby is not necessary to pay the principal and interest of the bonds falling due during the succeeding calendar year and to provide the sinking fund or funds required, and the commission and governing authorities of the municipality or county so find, by order entered upon their minutes, such levy shall not be made for that year to the extent that it is not necessary for such purposes.
As used in this section the word "taxes" shall include, but without limitation, all levies on an ad valorem basis upon land or real property.
Sources: Codes, 1942, § 5974-06; Laws, 1960, ch. 434, § 6; Laws, 1962, ch. 216, § 3, eff from and after passage (approved June 1, 1962).