Sec 11-275. Tax levy to pay bonds and interest; debt service fund

A. The board shall cause to be assessed and levied each year upon the taxable property of the county, in addition to the levy authorized for other purposes, an amount sufficient to pay the interest on outstanding bonds and such proportion of the principal that at the end of five years the amount raised from the levy shall equal at least twenty per cent of the amount of bonds issued, and at the end of nine years shall equal at least forty per cent of the amount, and at and before the date of maturity of the bonds shall equal the whole amount of the principal and interest.

B. The money raised by the levy shall be known as the debt service fund and shall be used only for payment of bonds and interest coupons. The treasurer shall keep in his books a separate account thereof, which shall at all times show the exact condition of the debt service fund.

C. If there is not at any time sufficient monies in the fund to pay the interest due on the bonds, the board may transfer a sufficient sum from the general fund to the debt service fund for such purpose, and any excess in the fund over the amount required for principal and interest on the bonds may be transferred to the general fund.