247.460. Levy, how made--limitations on levy.
Levy, how made--limitations on levy.
247.460. To levy and collect taxes as herein provided, theboard shall in each year determine the amount of money necessaryto be raised by taxation, and shall fix a rate of levy which,when levied upon every dollar of the taxable tangible propertywithin the district as shown by the last completed assessment,and with other revenues, will raise the amount required by thedistrict annually to supply funds for paying the expenses oforganization and the costs of acquiring, supplying andmaintaining the property, works and equipment of the district,which rate of levy shall not exceed fifteen cents on the onehundred dollars valuation unless approved by a vote of a majorityof the voters of the district voting as provided herein, andwhich, in any event, shall not exceed twenty-five cents on theone hundred dollars valuation; and in addition thereto, shallmake a levy to promptly pay in full when due all interest on andprincipal of general obligations of the district; and in theevent of accruing defaults or deficiencies, an additional levymay be made as provided herein.
(L. 1949 p. 350 § 23, A.L. 1978 H.B. 971)