52 Iowa 26 | Iowa | 1879
It is urged further, however, that section 840 of the Code limits the special tax which may he levied for the payment of these bonds, to three mills on the dollar upon the last corrected valuation. This section expressly reserves from its operation the bonded indebtedness provided for in section 291 of the Code, which is the same as section 3, chapter 54, acts of the Thirteenth General Assembly. As taxes are to be levied for the bonds in question in the same manner as provided in section 3, chapter 54, acts of the Thirteenth General Assembly, section 291 of the Code, we think the bonds in question are excepted from the operation, of section 840 of the Code.
III. It is claimed further that the tax of twelve mills is more than can he levied for the payment of the interest, and the portion of the principal authorized by section 291 of the Code. This section of the Code does not limit the board of supervisors to the-levy of such an amount of tax as shall pay only the specified portions of the principal, but requires that the levy shall be sufficient to pay at least such portion. The evidence ,shows that tlie levy of a tax of twelve mills for judgment bonds, and of eight mills for funding bond tax, was made with the calculation that it would simply pay the interest on the bonds, from the fact that there was considerable unavailable property, and that the tax was in fact all wanted to’ pay the interest. The board bad a right to take into consideration the contingencies which would likely reduce the amount of tax collected,
Affirmed.