Section 1120-U. Town may levy tax within district  


Latest version.
  • Should it appear to the
      town board at any time that the revenue of the authority is or  will  be
      insufficient  to  provide for the payment of any bonds issued under this
      title and to reimburse the town for any moneys that it may have advanced
      to the authority, the town board shall determine  the  amount  of  money
      necessary  to  be  raised  for such purpose, and shall levy a tax on the
      territory of the district located within the town and upon  the  several
      parcels  of  real  estate  in the district located within the town in an
      amount sufficient to produce  the  amount  necessary  to  be  raised  as
      aforesaid;  provided  that such tax shall not be levied to pay any bonds
      of the authority unless the authority with the consent of the town board
      has pledged such tax prior to the issuance of such bonds. Such tax shall
      be levied and apportioned upon such territory located  within  the  town
      and  collected  from  the several parcels of real estate in the district
      located within the town in like manner as other town taxes. It is hereby
      determined that the liability imposed upon the territory included in the
      district located within the town is based upon the  special  benefit  to
      such  territory  accruing under this title and that the tax to be levied
      because of such liability and in proportion to the taxable value of real
      estate in such territory will be in proportion to such benefits.