321.260. Matters considered when certifying annual levies--additional levies.
Matters considered when certifying annual levies--additional levies.
321.260. 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 any contractual obligation and shall make ampleprovision for the payment thereof. In case the moneys producedfrom such levies, together with other revenues of the districtare not sufficient to pay punctually the annual installments onits bonds and the interest thereon, and to pay any defaults anddeficiencies on any such bonds or contracts duly approved by thevoters of the district, then the board shall provide for suchadditional levying of taxes as may be necessary to pay for allsuch, and notwithstanding any limitations, such taxes shall becontinued to be levied until the indebtedness of the districtshall be fully and currently paid.
(L. 1947 V. I p. 432 § 27)