US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 41
                       SPECIAL DISTRICT DISSOLUTION ACT
    63-4106.  PROVISION FOR PAYMENT OF INDEBTEDNESS UPON DISSOLUTION --
SPECIAL TAX LEVY FOR PAYMENT OF DISTRICT INDEBTEDNESS. The board of county
commissioners in the county or counties in which the dissolved district is
located shall compute the total indebtedness of the district and shall provide
for the payment thereof out of district funds on hand, or out of revenues to
be raised by special levies, which shall be determined by the county or
counties, and shall be certified to the clerk of the county board of
commissioners of each of the counties wherein is situated any part of such
district and such tax shall be levied and imposed by each of such counties
upon such property of the district as may be within such county and the tax
shall be collected, and not less than quarterly, shall be remitted to the
treasurer of the county which contains the greatest portion of the preceding
calendar year's valuation of the dissolved district, to be applied in payment
of the indebtedness of such district as hereinafter provided.
    At the next regular annual meeting of the board of commissioners of the
county or counties in which the dissolved district is located at which levies
for state and county purposes are fixed, and each year thereafter until all
indebtedness of such district shall have been fully paid, such board shall, in
addition to all other tax levies, levy a special tax upon all of the property
situated within the former boundaries of such dissolved district, sufficient
to raise by taxation funds for the payment of current and accruing terms and
conditions of outstanding bonds of such district; and shall each year
thereafter continue such levy, or make such other or additional levies as may
be required, to fully pay and retire the indebtedness of such district
according to the terms and conditions thereof; and such taxes must be
collected as are other county taxes and shall be turned over to the treasurer
of the county which contains the greatest portion of the preceding calendar
year's valuation of the district who must redeem or post for redemption all
warrants and bonds as the same mature and in order of their line, and for
which the treasurer has funds arising from such district for the payment of
same.