247.490. Rate to be sufficient to pay principal and interest on bonds.
Rate to be sufficient to pay principal and interest on bonds.
247.490. The board in certifying annual levies as hereinprovided shall take into account, in addition to the amountsnecessary for general purposes as herein provided, the maturingindebtedness for the ensuing year as provided in its bonds andthe interest on bonds, and deficiencies and defaults of prioryears, and shall make ample provision for the payment thereof.In case the moneys produced from such levies, together with otherrevenues of the district are not sufficient to pay punctually theannual installments on its bonds and the interest thereon, and topay any defaults and deficiencies, then the board shall providefor such additional levying of taxes as may be necessary to payfor all such, and notwithstanding any limitations, such taxesshall be continued to be levied until the indebtedness of thedistrict shall be fully and currently paid.
(L. 1949 p. 350 § 26)