1. (a) The governing body shall provide for the payment of principal and interest on bonds executed under section 5 of this chapter by levying annually a tax for its debt service fund that is sufficient to pay the principal and interest as the bonds become due.

2. (b) The bodies charged with the review of budgets and tax levies shall review a levy for principal and interest described in subsection (a) to determine whether the levy is sufficient.

   [Pre-2006 Recodification Citation: 21-2-21-5.]

As added by P.L.2-2006, SEC.171. Amended by P.L.244-2017, SEC.115.