Oklahoma § 62-414 - Annual tax levy to pay interest and principal - Sinking

§ 62-414. Annual tax levy to pay interest and principal - Sinking

fund.

The governing body, or authority of any county, city, town,

township, board of education, school district or other municipal

corporation, issuing bonds under authority of this act, shall

provide, prior to the delivery thereof to the purchaser, for a levy

of annual taxes on all taxable property in the county, city, town,

township, board of education, school district or other municipal

corporation, as the case may be, sufficient in amount to pay, and

for the express purpose of paying, the interest on said bonds as it

falls due, and also to pay and discharge the principal thereof at

maturity; and, in every instance in which any county, city, town,

township, board of education, school district or other municipal

corporation shall issue bonds under this act, it shall be the

imperative duty of the proper officers, whose duty it may be to levy

taxes, to levy annually, at the time of making the levy of other

taxes, a tax sufficient in amount to pay the interest upon said

bonds and the coupons as they become due, and to create a sinking

fund for the payment of the principal of such bonds at their

maturity.

Oklahoma Statutes - Title 62. Public Finance

Laws 1937, p. 151, § 4.