It shall be the duty of said board out of the proceeds of the taxes levied and imposed
by this article and out of any other monies in the possession of said board (and not
pledged to the payment of the principal and interest of certificates of indebtedness)
which monies so far as necessary are hereby set apart and appropriated for that purpose,
to apply said monies and pay the interest on said bonds as the same fall due, and
at the maturity of said bonds out of said monies to pay the principal thereof; and
there shall be and is hereby created a sinking fund for the payment of principal of
said bonds, and said board shall set apart and pay into such sinking fund annually
out of the taxes levied and imposed under this article and any other revenue and funds
of said district, at least five percent of amount of bonds outstanding.
Provided, however, in making the annual levy of taxes, a levy shall be made for debt
service and a levy for maintenance, and the proceeds of the said levies shall not
be diverted to any other purpose, except that if at the end of any fiscal year the
said board shall have surplus funds in either the said sinking fund or the maintenance
fund, the said board may in its discretion make such transfers from one fund to the
other as the said board may deem for the best interest of the said district.
(Laws of Fla. ch. 14766 (1931), § 18; Laws of Fla. ch. 18036 (1937), § 10)
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