Section 6550.12 Of Article 4. Improvement Districts From California Health And Safety Code >> Division 6. >> Part 1. >> Chapter 4. >> Article 4.
6550.12
. Any moneys required to be raised from taxes for the
purpose of paying the principal of and interest on bonds of the
district for an improvement district shall be derived exclusively
from an annual tax upon the taxable property in the improvement
district of such sanitary district, and all the taxable property
within the improvement district of such sanitary district shall be
and remain liable to be taxed for such payments. The district board
shall annually, at the time and in the manner of levying other
district taxes, levy and cause to be collected a tax upon the taxable
property in the improvement district, based upon the last equalized
assessment roll of the district, sufficient to pay the interest on
the bonds for that year and such portion of the principal as is to
become due before the time for making the next general tax levy. Such
bonds and the interest thereon shall not be taxable in this state.