7-3-1313. Special taxing districts for indebtedness existing prior to consolidation. (1) A district comprised within the boundaries of any city, town, or district existing within the county at the time of the adoption of part 12 and this part by the electors of the consolidated government is, for the purpose of paying the interest and principal of any debt incurred by the city, town, or district prior to the adoption of the consolidated government, continued as a special district until the debt has been paid. Subject to 15-10-420, the commission shall, in the annual tax levy ordinance, levy upon the property within each district a tax, in addition to all other taxes, that the director of finance reports to be necessary to provide for paying the interest on each debt as it falls due and the principal of the debt as it matures, and no other property within the municipality is taxable or liable for the payment of any district debt.

(2) Subject to 15-10-420, the commission shall provide in the annual tax levy ordinance adopted for the levy of a tax upon all property within the municipality that the director of finance reports 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 district must be a separate levy and must be distinct from and in addition to all other tax levies. The proceeds of each tax levy must be placed in a separate fund for the payment of the interest and principal of the debt for which the tax was levied, and the fund may not be used for any other purpose.