§ 19731 Library Bond Payment Funds

• •Money collected for the library must go to the county treasury.
• •This money can only be used to pay back library bonds and their interest.
• •The county treasurer pays the bonds using this money when the county auditor approves it.
• •Once bonds are paid, they are canceled and kept by the treasurer.

A town collects extra money from taxes to build a new library.

This extra money can’t be used for anything else—like fixing roads or schools. It can only pay back the loan (bonds) taken to build the library. The county treasurer handles the payments, and once the loan is paid off, the papers showing the debt are canceled and saved.