11-14-310 - General obligation bonds -- Levy and collection of taxes.
11-14-310. General obligation bonds -- Levy and collection of taxes.
(1) Any bonds issued under this chapter in such manner that they are not payable solelyfrom revenues other than those derived from ad valorem taxes are full general obligations of thelocal political subdivision, for the prompt and punctual payment of principal of and interest onwhich the full faith and credit of the local political subdivision are pledged, and the local politicalsubdivision is hereby expressly required, regardless of any limitations which may otherwise existon the amount of taxes which the local political subdivision may levy, to provide for the levy andcollection annually of ad valorem taxes without limitation as to rate or amount on all taxableproperty in the local political subdivision fully sufficient for such purpose. If by law ad valoremtaxes for the local political subdivision are levied by a board other than its governing body, thetaxes for which provision is herein made shall be levied by such other board and the localpolitical subdivision shall be under the duty in due season in each year to provide such otherboard with all information necessary to the levy of taxes in the required amount. Such taxes shallbe levied and collected by the same officers, at the same time and in the same manner as areother taxes levied for the local political subdivision.
(2) If any local political subdivision shall neglect or fail for any reason to levy or collector cause to be levied or collected sufficient taxes for the prompt and punctual payment of suchprincipal and interest, any person in interest may enforce levy and collection thereof in any courthaving jurisdiction of the subject matter, and any suit, action or proceeding brought by suchperson in interest shall be a preferred cause and shall be heard and disposed of without delay. Allprovisions of the constitution and laws relating to the collection of county and municipal taxesand tax sales shall also apply to and regulate the collection of the taxes levied pursuant to thissection, through the officer whose duty it is to collect the taxes and money due the local politicalsubdivision.
Amended by Chapter 83, 2006 General Session