In this law, whenever it refers to a 'board of supervisors,' it specifically means the board of supervisors for the main county involved.

This law requires the board of directors to report financial shortfalls to the county's board of supervisors and auditor if the district doesn't have enough money to cover its debts and expenses. They must provide an estimate of the minimum funds needed to pay off bonds and cover other district expenses.

This law requires the board to send budget estimates to the board of supervisors and the county auditor at least 15 days before the supervisors need to set county taxes. It's ensuring that the supervisors have the necessary financial info in advance to make informed decisions about tax levies.

Every year, the board of supervisors must set a tax to cover payments for loans taken out by issuing bonds (called the 'airport bond tax') and another tax to cover all other district expenses and debts (called the 'airport district tax').

The bond tax continues each year until the loans are fully repaid, and the district tax continues annually until all other district expenses and debts are paid off.

This law explains how the bond tax should be calculated to cover both the interest and principal of issued bonds. Initially, the tax must be enough to pay the annual interest for the first half of the bond's term. For the rest of the bond's duration, it should cover both the annual interest and a portion of the principal. This portion is determined by dividing the total remaining bond amount by the number of years left on the bond.

The money collected from bond taxes is put into a special fund in the main county's treasury. This money can only be used for paying off the debt and interest of the bonds. The county treasurer pays this bond debt upon receiving a warrant, which is an official order to pay, from the county auditor. After payment, the auditor keeps a record by canceling the bonds and coupons.

This law limits the amount of district tax that can be charged in a year to a maximum of 20 cents for every $100 of assessed property value. This does not include any bond-related taxes.

The board of supervisors levies bond and district taxes on all taxable property within the district, just like county taxes. The principal county's tax collector handles collections. The money from these taxes goes to the district, and they follow the same schedule and penalties for late payment as county taxes. These taxes also create a lien on the property, similar to county tax liens, and are collected the same way.

This law allows a district to impose a special tax on either all taxpayers or all real estate within its boundaries. This tax must be applied equally, but unimproved land can be taxed at a lower rate than developed land.