15-1029. Rights of bondholder; additional state tax
A. If the board of supervisors fails to make the levy necessary to pay school district bonds or interest coupons at maturity and such bonds or coupons are presented to the county treasurer and payment is refused, the owner may file the bond, together with all unpaid coupons, with the department of administration, taking his receipt therefor. Such bonds and coupons shall be registered with the department of administration.
B. The department of revenue shall add to the tax to be levied by the school district which issued the bonds a sufficient rate to obtain the amount of principal or interest past due prior to the next levy. The tax shall be levied and collected as a part of the school district tax but shall be paid into the state treasury, shall be passed to the special credit of the school district bond tax and shall, as payments mature, be paid by warrants to the holder of registered obligations as shown by the register in the department of administration until such obligations are fully satisfied and discharged. Any balance then remaining shall be remitted to the general account and credit of the school district.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.