§ 10-3-104. GENERAL OBLIGATION BONDS.

(a)

Bonds to represent the full faith and credit of the county. Unless otherwise provided in the ordinance authorizing its issuance, a general obligation bond issued under this title shall constitute and shall include an irrevocable pledge of the full faith and credit and unlimited taxing power of the county to the payment of the maturing principal and interest of the bond when due.

(b)

Levy of taxes for payment.

(1)

In each fiscal year that any bonds are outstanding, the county shall levy ad valorem taxes on all the assessable property within the corporate limits of the county in rate and amount sufficient to provide for the payment, when due, of the interest and principal of all bonds maturing in each fiscal year.

(2)

If the proceeds from the taxes levied in any fiscal year are insufficient to provide for the payment of the interest and principal of all bonds maturing in the fiscal year, the county shall levy additional taxes in the following fiscal year to make up the deficiency.

(c)

Other sources. If funds are granted for the purpose of assisting the county in obtaining any public facility, the county may apply to the payment of principal or interest of any bonds issued under this title any funds received by it from:

(1)

The state;

(2)

The United States of America;

(3)

Any agency or instrumentality of the state or the United States; or

(4)

Any other source.

(d)

Reduction of taxes. The county may reduce proportionately the taxes required to be levied under subsection (b) of this section, to the extent of any funds received or receivable in any fiscal year under subsection (c) of this section.

(1988 Code, § 15-128) (Bill No. 87, 1990, § 2, 8-13-1990; Bill No. 83-00, § 2, 7-1-2004; Bill No. 72-03, § 14, 7-1-2004)