The board shall determine the amount of money necessary to be raised by a levy on the taxable property in the district, taking into consideration other sources of revenue of the district, and shall fix a rate of levy which, when levied upon every dollar of the valuation for assessment of taxable property within the district together with other revenues, shall raise the amount required by the district during the ensuing fiscal year to supply funds for paying the expenses of organization and the costs of providing the services of the district and acquiring, constructing, installing, and operating the improvements or works of the district and promptly to pay in full when due all interest on and principal of bonds and other obligations of the district. In the event of accruing defaults or deficiencies, additional levies may be made as provided in section 31-25-1215. In accordance with the time schedule provided in section 39-5-128, C.R.S., the board shall certify to the board of county commissioners of each county in which the district or a portion thereof lies the rate so fixed in order that, at the time and in the manner required by law for the levying of taxes, such board of county commissioners shall levy such tax upon the valuation for assessment of all taxable property within the district.
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