53A-28-402 - Unlimited ad valorem tax as pledge of full faith and credit -- State tax commission duties -- Property tax abated.

53A-28-402. Unlimited ad valorem tax as pledge of full faith and credit -- State taxcommission duties -- Property tax abated.
(1) (a) In each year after the issuance of general obligation notes under this chapter anduntil all outstanding notes are retired, there is levied a direct annual tax on all real and personalproperty within the state subject to state taxation, sufficient to pay all principal of and interest onthe general obligation notes as they become due.
(b) If monies expected to be intercepted under Section 53A-28-302 are expected to beinsufficient to reimburse the state for its payments of school districts' scheduled debt servicepayments or if it is necessary for the state treasurer to borrow as provided in Section 53A-28-401and amounts to be intercepted under Section 53A-28-302 are expected to be insufficient to timelypay the general obligation notes issued or other borrowing undertaken under that section, the statetreasurer shall certify to and give notice to the state tax commission of the amount of thedeficiency.
(c) After receipt of that certified notice from the state treasurer, the state tax commissionshall:
(i) immediately fix the tax rate necessary and levy direct ad valorem property tax on allreal and personal property in the state subject to state taxation sufficient to provide monies in theamount of the deficiency stated in the notice; and
(ii) require that the tax be collected and remitted as soon as may be in the ordinary courseof ad valorem tax levy and collection.
(2) To the extent that other legally available revenues and funds of the state are sufficientto meet the certified deficiency, the property tax for this purpose is abated.

Enacted by Chapter 62, 1996 General Session