7-3-1313. Special taxing districts for indebtedness existing prior to consolidation. (1) The district comprised within the boundaries of any city, town, or district existing within the county at the time of the adoption of this part and part 12 by the electors thereof shall, for the purpose of paying the interest and principal of any debt incurred by such city, town, or district prior to such adoption, be continued as a special district until such debt shall have been paid. The commission shall, in the annual tax levy ordinance, levy upon the property within each such district such tax, in addition to all other taxes, as the director of finance shall report to be necessary to provide for paying the interest on each such debt as it falls due and the principal thereof as it matures, and no other property within the municipality shall be taxable or made liable for the payment of any such debt.
     (2) The commission shall likewise provide in the annual tax levy ordinance for the levy of such tax upon all property within the municipality as the director of finance shall report to be necessary to provide for paying the interest as it falls due and the principal as it matures of any debt of the municipality as a whole.
     (3) The tax levy for the debt of the municipality as a whole and the tax levy for the debt of each such district shall each be a separate levy and shall be distinct from and in addition to all other tax levies. The proceeds of each such tax levy shall be placed in a separate fund for the payment of the interest and principal of the debt for which the tax was levied, and no part of any such fund shall be used for any other purpose whatever.

     History: En. Sec. 59, Ch. 121, L. 1923; re-en. Sec. 5520.60, R.C.M. 1935; R.C.M. 1947, 11-3460.