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<br /> <br />i:) 13 <br /> <br />346 <br /> <br />~l f. T R 0 r 0 LJ TAN W ATE R D 1ST HIe T <br /> <br />(1) Sufficient, when taken with other revenues available for the purpose, to <br />meet interest and sinking fund requirements on all outstanding bonded indebted- <br />ness of said district; and sufficient, when taken with other revenues available for <br />the purpose, to meet the payment of the principal and interest on any refunding <br />bonds, or on any bonds the issuance of which may have been authorized by the <br />elect.org, and which bonds have not been sold but which, in the judgment of the <br />board of directors, will be sold prior to the time when money will be available <br />from the next subsequent tax levy, and in case such bonds are not so issued and <br />sold or such tax for any other reason is not required for said purpose, the tax so <br />levied shaH be applied to t.he payment of interest and/or principal on any <br />refunding bonds, or on any bonds authorized by the electors, then outstanding or <br />subsequently issued and/or sold; and <br /> <br />(2) For all other district purposes. <br /> <br />(c) The board of directors shall also cause to be computed and shall declare <br />in said resolution the amount of money to be derived from the area of the district <br />lying within each separate municipality by virtue of the tax levy. In such reso- <br />lution the board shall also fix and determine the times and proportional amount.s <br />of installments in which any city may elect to make payment in lieu of taxes <br />as hereinafter provided. The board shall imrn~diately cause certified copies of <br />such resolution to be transmitted to the presiding officer of the governing body <br />of each such city. <br /> <br />(d) On or before the twent.y-fifth day of August of (~ach year the governing <br />body of each such city may elect to payout of the municipal funds all or any por- <br />tion of the amount of tax which would otherwise be levied upon property within <br />such city. Such election shall be made by order upon motion, which order shall <br />recite that such payment shall be made in cash concurrently with the certification <br />of such order to the controller of the district, or that ~uch payment shall be made <br />in installments and t.he times wherein such installments shall be payable and <br />the amounts thereof, which amounts shall be in accordance with the require- <br />ments of the board of directors of the district as approved by resolution. In the <br />event that any city shall elect to pay in cash, or by deferred installments, money <br />or any part thereof which would otherwise be levied upon propel't)-' within the <br />city, it shall immediately certify to the controller of the district a copy of such <br />order and a statement showing its financial condition, the funds from which such <br />payments shall be made and the sources of revenue to be used therefor. Provided, <br />however, that in the event any city shall elect to pay in cash all or any portion <br />of the amount of tax which would otherwise be levied upon prop~rty within such <br />city to meet interest and sinking fund requirements on the outstanding bonded <br />indebtedness of said district, such amount so elected to be paid shall be deposited <br />with the treasurer of said district on or before the twenty. seventh day of <br />August next following such election; and provided, also, that unless such pay- <br />ment is so made in the case of interest and sinking fund requirements, and <br />unless such election, as to all other taxes, shall provide for payments in accord- <br />ance with the resolution of the board of directors as hereinbefore provided for, <br />then such election shall be ineffective for any purpose. <br /> <br />(e) Before the first day of September the controller of the district shall cause <br />to be prepared Rnd transmitted to the auditor of each county in which the district <br />shall lie, a statement showing the tax rate to be applied to assessed property in <br />each city, which rate shall be the rate fixed by resolution of the board of directors <br />modified to the extent necessary to produce from each city only t.he amount of <br />money apportioned thereto in said resolution, less any amount paid or under. <br />taken to be paid by such city, or credited thereto as herein provided, but if <br />any fraction of a cent occur, it must be taken as a full cent on each one hundred <br />dollars. <br />