The board of supervisors of any county which shall have issued bonds under the provisions of this article shall, unless there be sufficient funds otherwise available therefor in the port bonds interest and sinking fund, annually levy a special tax upon all of the taxable property within such county at a rate which shall be sufficient to provide for the payment of the principal of and the interest on such bonds according to the terms thereof. All taxes thus collected shall be credited to a special fund in the county treasury of such county to be known and designated as the “port bonds interest and sinking fund,” and all sums credited to said fund shall be used to pay such bonds as they mature and the interest thereon as it accrues, and for no other purpose. It shall be the mandatory duty of such board of supervisors to transfer funds from said port fund to the port bonds interest and sinking fund in amounts sufficient to pay maturing principal and accruing interest on bonds issued hereunder, if balances standing to the credit of said port fund are sufficient for that purpose. To the extent that funds are thus made available for the payment of such bonds and the interest thereon, the special tax levy hereinabove provided for may be correspondingly reduced. The said bonds nevertheless shall be general obligations of the county issuing the same, and the full faith, credit and resources of such county shall be pledged to the payment thereof and the interest thereon.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
