Reserve fund, taxes for.

321.290. Reserve fund, taxes for. — Whenever any bonded or contractual indebtedness has been incurred by a district, it shall be lawful for the board to levy taxes and collect revenue for the purpose of creating a reserve fund in such amount as the board may determine, to be used to meet the obligations of the district. (L. 1947 V. I p. 432 § 30)