(1) A school district may not levy an excess tax levy in an amount greater than is required for payment of principal and interest due on school district bonds in the particular year for which the levy is made. (2) A school district may not increase the excess tax levy in order to exercise an option to redeem bonds prior to the fixed date of maturity. (3) A surplus in the bond redemption fund should be used to retire bonds which are subject to redemption. If not so used, it must be considered in determining the amount of excess tax levy when the next budget is prepared. (4) The board of county commissioners does not have authority to fix the excess tax levy for the bond redemption fund at a different amount than the amount certified by appropriate authorities.
AGO 1958 NO. 230 > Nov 26 1958