7-2-2746. Details relating to special warrant district. (1) The board of county commissioners creating a special warrant district shall, at the time of making and fixing tax levies for county purposes, subject to 15-10-420, make and fix a levy against all taxable property within the special warrant district for the payment of the warrants and the interest on the warrants. The proceeds of the levy, when collected, must be deposited by the county treasurer in a separate fund that must be used for the payment of the warrants and interest on the warrants.
(2) The tax levy is not required to be made at a rate that will pay all of the warrants, with interest, in 1 year, but if the board considers it in the best interests of the taxpayers owning property within the special warrant district, the levy may be spread over a term of not more than 3 years.