§474.  Payment of bonds at maturity

The board of commissioners shall set aside and deduct out of the taxes, local contributions, and other revenues of the board by preference over all other claims an amount sufficient to pay the series of bonds maturing each year as provided in the resolution authorizing the issuance of the bonds, and the bonds shall be paid annually and discharged from the principal of the bonds at maturity.  This Subpart shall not be construed to constitute bonds, issued under the provisions of this Subpart, a charge upon the revenues prior to the change of any outstanding bonds, notes, or certificates of indebtedness issued by the district pursuant to authority conferred by law*.  

Acts 1985, No. 785, §1, eff. July 22, 1985.  

*NOTE:  AS APPEARS IN ENROLLED BILL.