Title 36, Chapter 44, Section 20
( 36-44-20)
Notwithstanding any other provisions of this chapter, a local
legislative body may use, pledge, or otherwise obligate its general
funds for payment or security for payment of tax allocation bonds
issued or incurred under this chapter but only if those general
funds are derived from a designated tax allocation district and used
for payment or security for payment of tax allocation bonds issued
or incurred under this chapter for redevelopment of that district
and only to the extent that positive tax increments or lease or
other contract payments in that district's special fund are
insufficient at any time to pay principal and interest due on such
bonds. |