The interest accruing on such refunding bonds issued pursuant to the provisions of this part 7 prior to the time when the proceeds of tax levies are available therefor shall be paid out of the general revenues or any other revenues of the county available therefor. For the purpose of reimbursing such general revenues or other revenues and for the payment of subsequently accruing interest, the governing body shall levy annually a sufficient tax upon all the taxable property in the county fully to discharge such interest. For the ultimate payment or redemption of such refunding bonds there shall be certified and levied annually such a tax upon all the taxable property in such county as will create a fund sufficient to pay or redeem and discharge such refunding bonds at or prior to their respective maturities; but in the event the bonds to be redeemed and the interest thereon accruing would have been paid from taxes levied upon only part of the taxable property in the county, the taxes levied for payment or redemption of the refunding bonds, and the interest accruing thereon, shall be levied in the same manner and upon only the same taxable property as would have been levied for payment of the bonds to be refunded if no refunding of said bonds had been made and accomplished. As collected, all taxes levied for payment of interest on and for the payment or redemption of the principal of such bonds shall be kept by the treasurer of the county in a special fund, to be used only in the payment of the interest upon and for the payment or redemption of the principal of such bonds. Such tax shall be levied and collected in the same manner as other county taxes are levied and collected. The ordinance authorizing the issuance of said bonds shall set forth the years in which such taxes shall be levied for the creation of said fund.
Source: L. 81: Entire article added, p. 1479, § 1, effective June 8.