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<br />1 ASSESSMENT IN THE REST OF THE DISTRICT. IF THE BOARD AGREES THAT <br />2 SUCH PUBLIC W ATERPROVIDERISAPARTICIPANT IN AN EXISTING PROJECT, <br />3 THE BOARD SHALL APPROVE THE REQUEST. HOWEVER, AT SUCH TIME AS <br />4 SUCH P ARTICIP ANT OR THE PROPERTY OWNERS WITHIN SUCH P ARTICIP ANT <br />5 WISH TO BECOMEP ART OF A DISTRICT PROJECT, OR WISH TO CONTRACT FOR <br />6 WATER FROM THE DISTRICT, THEY SHALL PAY TO THE DISTRICT THE <br />7 BALANCE OF THE TAXES THAT AREA WOULD HAVE PAID WERE IT NOT FOR <br />8 SUCH REDUCTION. <br />9 37-49-802. Procedure. (1) EXCEPT AS PROVIDED IN SUBSECTION <br />10 (2) OF THIS SECTION, THE BOARD SHALL DETERMINE IN EACH YEAR THE <br />11 AMOUNT OF MONEY NECESSARY TO BE RAISED BY TAXATION, TAKING INTO <br />12 CONSIDERATION OTHER SOURCES OF REVENUE OF THE DISTRICT, AND <br />13 SHALL FIX A RATE OF LEVY THAT, WHEN LEVIED UPON EVERY DOLLAR OF <br />14 VALUATION FOR ASSESSMENT OFT AXABLE PROPERTY WITHIN THE DISTRICT <br />15 AND TOGETHER WITH OTHER REVENUES, WILL RAISE THE AMOUNT <br />16 REQUIRED BY THE DISTRICT ANNUALLY TO SUPPLY FUNDS FOR PAYING <br />17 EXPENSES OF ORGANIZATION AND THE COSTS OF CONSTRUCTING, <br />18 OPERATING, AND MAINTAINING THE FACILITIES AND IMPROVEMENTS OFTHE <br />19 DISTRICT AND TO PAY IN FULL, PROMPTLY, AND WHEN DUE, ALL INTEREST <br />20 ON AND PRINCIPAL OF BONDS AND OTHER OBLIGATIONS OF THE DISTRICT. <br />21 IN THE EVENT OF ACCRUING DEFAULTS OR DEFICIENCIES, AN ADDITIONAL <br />22 LEVY MAY BE MADE AS PROVIDED IN SUBSECTION (2) OF THIS SECTION. <br />23 (2) THE BOARD, IN CERTIFYING ANNUAL LEVIES, SHALL TAKE INTO <br />24 ACCOUNT THE MATURING INDEBTEDNESS FOR THE ENSUING YEAR AS <br />25 PROVIDED IN ITS CONTRACTS, MATURING BONDS AND INTEREST ON BONDS, <br />26 AND DEFICIENCIES AND DEFAULTS OF PRIOR YEARS AND SHALL MAKE <br />27 AMPLE PROVISION FOR THE PAYMENT THEREOF. IF THE MONEYS PRODUCED <br /> <br />-54- <br /> <br />SB04-232 <br />