7-14-4644. Restrictions on use of reserve to make payments on revenue bonds.
7-14-4644. Restrictions on use of reserve to make payments on revenue bonds. The funds from which the transfers authorized by 7-14-4643(2)(g) are made must be reimbursed from the next collections of other revenue enumerated in 7-14-4643 that is not needed for full compliance with provisions of indentures securing all outstanding obligations of the commission. This section does not permit the levy of taxes at any time in excess of the deficiency existing in the reserve, but subject to 15-10-420, a tax as may be needed, with other funds determined by the legislative body to be available to meet the deficiency, may be levied.
History: En. Sec. 12, Ch. 223, L. 1951; amd. Sec. 6, Ch. 401, L. 1973; R.C.M. 1947, 11-3712(part); amd. Sec. 54, Ch. 574, L. 2001.