The board, in fixing and determining the rate of levy, shall take into account the maturing indebtedness for the current and ensuing year on the contracts, bonds, interest on bonds, deficiencies, and defaults of prior years of the district, and shall make provision for the payment thereof. In case the money produced from such levy, together with other revenues of the district, is not sufficient to punctually meet the payments on the contracts, bonds, and interest on bonds of the district, and to pay defaults and deficiencies of the district, then the board, from year to year, shall make such additional levies of taxes as may be necessary for meeting such payments, and notwithstanding any limitations, such levies shall be made and continued until the indebtedness of the district is fully paid.
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