34-10-23. Payment of bonds when debt service fund insufficient--Reimbursement from subsequent tax levies--Additional levies. If the moneys in the debt service fund are at any time insufficient for the payment of principal and interest due on bonds of the district, such payment shall nevertheless be made from any other funds of the district available therefor, and such other funds may be reimbursed from tax levies subsequently collected. In the event that the tax initially levied is not collected in amounts sufficient to pay all principal and interest when due, additional taxes shall be levied by the board upon all taxable property within the district at the times and in the amounts required for such purpose, which levies shall not be subject to any limitation as to rate or amount.
Source: SL 1959, ch 135, § 12; SDC Supp 1960, § 27.19B12.
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