When the Council fixes and levies special taxes and charges for the Community Taxing District it shall also fix and levy that amount of special taxes and charges within the Community Taxing District, which is required for the payment of the principal of and interest on any outstanding bonded Debt of the Community Taxing District, including any necessary replenishment or expenditure of bond reserve funds or accumulation of funds for future bonded payments. The special tax or charge shall be levied and collected by the same officers and at the same time and in the same manner that all other special taxes and charges are levied and collected for the Community Taxing District or in any other manner specified by the Council. The special taxes and charges shall not exceed the authority granted by Articles 2, 3 or 5 hereof. All of the collections for payment of principal and interest on bonds shall be paid into the Community Taxing District bond or similar fund and reserve or other fund for the particular Community Taxing District and shall be used solely for the payment of the principal of and interest on the outstanding Debt of the Community Taxing District.
SECTION HISTORY
Added by Ord. No. 177,051, Eff. 11-20-05.