(a) All bonds issued under §§ 5-3-113 — 5-3-121 shall be direct and general obligations of the unit issuing the same, for the payment of which the full faith and credit of the unit shall be irrevocably pledged.
(b)
(1) In each fiscal year while any funding or refunding bonds issued under §§ 5-3-113 — 5-3-121, shall be outstanding, there shall be levied upon all taxable property in the unit an ad valorem tax sufficient to pay the interest on the bonds as it falls due and the principal of such bonds that shall then have matured or that shall mature within the same fiscal year, and any sinking fund payments that may be provided for by the bonds or by the resolution authorizing the same, as well as all deficits in such interest, principal and sinking fund payments arising by failure to comply with §§ 5-3-113 — 5-3-121 or by failure to collect the taxes levied or otherwise; provided, that the governing body, in its discretion, may levy in any fiscal year a tax sufficient to pay, in addition to the interest and principal that shall fall due in such fiscal year, any portion of the interest or principal that shall fall due in any succeeding fiscal year, and may also levy in any fiscal year a tax for sinking fund payments, in addition to the tax required for such payments by the resolution authorizing any of such bonds.
(2) The governing body may provide in the resolution authorizing the issuance of any such funding or refunding bonds, that any sinking fund provided for such bonds shall be used solely for the purchase or redemption of the bonds authorized by such resolution, and all bonds so purchased or redeemed shall be cancelled and shall not be reissued.
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.