(1) The board of trustees of each local district authorized to levy a property tax,
at a regular meeting or special meeting called for that purpose, shall, by resolution,
set the real and personal property tax rate for various district purposes by the date
set under Section 59-2-912, but the rate may be set at an appropriate later date in accordance with Sections 59-2-919 through 59-2-923.
(2) In its computation of the total levy, the board of trustees shall determine the
requirements of each fund for which property taxes are to be levied and shall specify
in its resolution adopting the tax rate the amount apportioned to each fund.
(3) The proceeds of the levy apportioned for general fund purposes shall be credited
as revenue in the general fund.
(4) The proceeds of the levy apportioned for special fund purposes shall be credited
to the appropriate accounts in the applicable special funds.
(5) The combined levies for each district for all purposes in any year, excluding
the retirement of general obligation bonds and the payment of any interest on the
bonds, and any taxes expressly authorized by law to be levied in addition, may not
exceed the limit enumerated by the laws governing each district.
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