RS 455 - Levy of taxes and local contributions; setting apart amounts necessary; order of payment
For the purpose of paying the principal of and the interest on the bonds issued under this Subpart, the board of commissioners of the district shall annually levy, in an amount sufficient for these purposes, the taxes and local contributions which the board is authorized and empowered to levy. From the first moneys realized from the taxes and local contributions, the state treasurer shall set apart annually the amounts necessary to pay the principal and interest, and the funds so set apart shall be used for no other purpose. The funds so realized from the taxes and local contribution shall in all cases be applied first to the payment of interest and then to the payment of principal, and as provided in R.S. 38:454, all bonds issued under the provisions of this Subpart shall be accorded the same rank and priority in the application and distribution of the taxes and other revenues as were originally accorded to the bonds, notes, or certificates of indebtedness paid, refunded, or refinanced.
Acts 1985, No. 785, §1, eff. July 22, 1985.