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Session Laws, 1953
Volume 606, Page 1509   View pdf image (33K)
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THEODORE R. MCKELDIN, GOVERNOR 1509

the Commission may deem sufficient and necessary, in con-
junction with any amounts as the Commission may estimate
that it will be able to collect out of the benefit assessments
therefor levied by it but not yet paid and any further funds
then available for the purpose} to meet the interest on said
bonds as it becomes due and to pay the principal thereof
as the bonds mature, and said tax shall be determined,
levied, collected and paid over in the manner following,
that is to say, at least sixty days before the tax levying
period of each year, the County Commissioners shall certify
to the Metropolitan Commission the whole valuation of the
assessable property within each sanitary district. The Com-
mission shall then determine in the manner above pre-
scribed the amount which it deems necessary to be raised
during the ensuing year for the payment of interest and
principal of all serial bonds maturing in said year, and
after deducting all amounts in hand or in contemplation
applicable to payments of interest and principal on said
bonds as hereinbefore and hereinafter in the sub-title pro-
vided; it shall determine the number of cents per $100. 00
necessary to raise the said amount for each such sanitary
district and shall certify the same to the Board of County
Commissioners. The said County Commissioners in their
next annual levy shall levy said tax on all land and improve-
ments and all other property assessed for county tax pur-
poses within the respective sanitary district, which tax
shall be levied and collected and have the same priority
rights, bear the same interest and penalties and in every
respect be treated the same as county taxes. The tax so
levied for the ensuing year shall be collected by the tax
collecting authorities and every sixty days they shall remit
the whole amount of the tax so collected to the Commission.
From the money so received, together with the amount in
hand to the credit of said bond fund, the Commission shall
first pay all interest and principal on said bonds as it be-
comes due, and shall then deposit the residue of said moneys
in some bank or banks in said county to the joint credit
of the County Commissioners and the Commission. The
Commission is authorized to pay the interest on any bonds
it may issue out of the proceeds of the sale of said bonds,
but not more than one year's interest may be so expended.

In order that the prompt payment of interest and the
proper provision for the payment of the principal of said
bonds shall be assured, the prompt and proper performance
of the respective acts and duties heretofore defined is spe-
cifically enjoined, and any failure upon the part of any
person, persons, body corporate or agent to perform the
necessary acts and duties hereafter set forth, to pay over



 

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Session Laws, 1953
Volume 606, Page 1509   View pdf image (33K)
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