63B-7-107 - Tax levy -- Abatement of tax.
63B-7-107. Tax levy -- Abatement of tax.
(1) Each year after issuance of the bonds and until all outstanding bonds are retired, thereis levied a direct annual tax on all real and personal property within the state subject to statetaxation, sufficient to pay:
(a) applicable bond redemption premiums, if any;
(b) interest on the bonds as it becomes due; and
(c) principal of the bonds as it becomes due.
(2) (a) The State Tax Commission shall fix the rate of the direct annual tax levy eachyear.
(b) The tax shall be collected and the proceeds applied as provided in this chapter.
(3) The direct annual tax imposed under this section is abated to the extent money isavailable from sources, other than ad valorem taxes in the sinking fund, for the payment of bondinterest, principal, and redemption premiums.
Enacted by Chapter 67, 1998 General Session