41-13-23 - Levy of ad valorem tax or pledge of revenues to pay bonds.
§ 41-13-23. Levy of ad valorem tax or pledge of revenues to pay bonds.
(1) All bonds, notes or other evidences of indebtedness issued under Section 41-13-19 may be secured by a pledge of the full faith, credit, and resources of the county, city, town, supervisors district, judicial district or election district issuing the same. There shall annually be levied upon all taxable property within such county, city, town, supervisors district, judicial district or election district, as the case may be, an ad valorem tax, in addition to all other taxes, sufficient to provide for the payment of the principal of and the interest on said bonds, notes or other evidences of indebtedness secured by a pledge of the full faith, credit, and resources of the issuing entity as the same respectively matures and accrues.
(2) All bonds, notes or other evidences of indebtedness issued under Section 41-13-19 may be secured by a pledge of all or a specified portion of the annual general or special revenues of the facility for which the same were issued to acquire, construct, expand, equip or furnish, or by a pledge of any unrestricted unencumbered income from an endowment or other trust funds available to the board of trustees of the facility for which the same were issued to acquire, construct, expand, equip or furnish. The security for such bonds, notes or other evidences of indebtedness authorized and provided for by this subsection may be in addition to or in lieu of the pledge of the full faith, credit, and resources of the issuing entity as provided in subsection (1) hereof.
Sources: Codes, 1942, § 7129-51; Laws, 1944, ch. 277, § 2; Laws, 1946, ch. 412, § 2; Laws, 1948, ch. 435, § 2; Laws, 1954, ch. 294, § 2; Laws, 1966, ch. 459, § 1; Laws, 1968, ch. 442, § 2; Laws, 1970, ch. 321, § 1; Laws, 1972, ch. 447, § 1, eff from and after passage (approved May 5, 1972).