Setting special taxes to pay off district bonds

When the council fixes and levies special taxes for the district it shall also fix and levy that amount of special taxes within the district which is required for the payment of the principal of and interest on any bonds, including any necessary accumulation for or replenishment or expenditures of bond reserve funds or accumulation of funds for future bond payments or to pay for or reimburse payments pursuant to credit enhancement or prior contributions to debt service or other costs or incidental expenses related to the bonds. The special taxes shall be levied and collected by the same officers and at the same time and in the same manner that all other special taxes are levied and collected for the district or in any other manner specified by the council. The special taxes shall not exceed the authority granted by this chapter. All of the collections for payment of principal and interest on bonds and related expenses shall be paid into the district bond fund or reserve, rebate or other fund for the district and shall be used solely for the payment of the principal of and interest on the outstanding bonds of the district and related costs and incidental expenses, all as provided in the ordinance providing for issuance of the bonds. (1994, ord 94-77, sec 3.)32-62