§ 102-123. Use of certain tax receipts to pay debt service in excess of amounts provided for.

If bonds are issued by the county for any of the purposes enumerated in section 102-119, the amount of tourist development tax receipts used to pay debt service on such bonds may exceed the percentages provided in subsections 102-119(3) and 102-119(4) for the purpose for which such bonds were issued; provided, however, the maximum annual debt service on such bonds, together with any other obligations of the county which were issued to finance improvements for the same purpose and which are secured by the tourist development tax, must not exceed the stated percentage of tourist development tax receipts provided in subsections 102-119(3) and 102-119(4) for such purpose, as calculated on the date of sale of such bonds. For purposes of performing the calculations described in this section, the amount of tourist development tax receipts shall be assumed to be the amount provided in the county's immediately preceding annual audit, plus, if the levy of such tax was increased subsequent to the beginning of the period which was audited, an amount equal to the estimate by the county administrator of the moneys the county would have received if the tax increase had been in effect during the entire audit period.

(Code 1979, § 21-39.3; Ord. No. 2001-74, § 2, 11-20-01)