Sec 35-474. Levy of tax for payment of bonds

The board of supervisors, on behalf of the county or a school district therein, or the governing body or board of a municipal corporation, which has issued refunding bonds shall, during each year in which the bonds are outstanding, levy a tax on all property in the political subdivision for which the bonds are issued, sufficient to pay the annual interest on all bonds then outstanding and the annual installment of the principal thereof becoming due and payable in the next ensuing year. The annual levy for both the principal and interest payment, including a reasonable tax delinquency factor, shall not exceed the net amount necessary to meet the annual payment and the reasonable delinquency factor, including an amount necessary to correct prior year errors in the levy, if applicable, and any expenses and fees required in conjunction with the authorization pursuant to section 35-512. Such taxes shall be levied, assessed and collected at the same time and in the same manner as other taxes are levied, assessed and collected. The proceeds of the taxes shall be kept in a special fund and shall be used only for the purpose for which collected.