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Sec. 6.779. Refunding Debt; Use of Savings; Reduction of Tax Levy.
 
   Any savings achieved through the issuance of refunding Debt shall be used to reduce the special taxes, which were levied to retire the Debt being refunded. At the time the Council makes a determination to issue the refunding Debt, it shall determine and cause to be made any reduction in the annual tax in the District, which reduction shall be made on a pro rata basis.
 
SECTION HISTORY
 
Added by Ord. No. 177,051, Eff. 11-20-05.
 
 

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