SECTIONS 18560-18562 - California Statutes

EDUCATION CODE

SECTION 18560-18562

18560. The board of supervisors, at the time of making a levy of
taxes for county purposes, shall levy a tax for that year upon the
taxable property in the district, at the equalized assessed value
thereof for that year, for the interest and redemption of the bonds.

18561. The tax shall not be less than sufficient to pay the
interest of the bonds for that year, and such portion of the
principal as is to become due during the year. In any event the tax
shall be high enough to raise, annually, for the first half of the
term the bonds have to run, a sufficient sum to pay the interest
thereon, and, during the balance of the term, high enough to pay the
annual interest, and to pay annually, a proportion of the principal
of the bonds equal to a sum produced by taking the whole amount of
the bonds outstanding and dividing it by the number of years the
bonds then have to run.

18562. All money levied, when collected, shall be paid into the
county treasury to the credit of the library district, and be used
for the payment of principal and interest on the bonds, and for no
other purpose.