§ 156‑98. Form ofbonds and notes; excess assessment.
All bonds and notes authorized and issued shall be signed by thechairman and secretary of the board of drainage commissioners and the corporateseal of the district affixed thereto, and the interest coupons shall beauthenticated by the facsimile signature of the secretary, and both theprincipal and interest coupons shall be payable at some bank or trust companyto be designated by the board of drainage commissioners and incorporated in thebody of the bond. The form of the bond shall be authorized by the board ofdrainage commissioners or by the board and the purchaser of the bonds jointly, at the option of the board.
All bonds of reclamation districts shall have that fact noted upon theface of the bond, either by stamping or printing the same thereon. All bonds ofimprovement districts shall also have that fact noted upon their face.
For the purpose of meeting any possible deficit in the collection ofannual drainage assessments or any deficit arising out of unforeseencontingencies there shall be levied, assessed and collected during each yearwhen either the interest or principal or both interest and principal on theoutstanding bonds shall be due, an assessment as will yield ten percent (10%) morethan the total of interest and principal due in such years; that is to say, forevery one hundred dollars ($100.00) of principal and interest, or either, duein any one year, there shall be levied, assessed and collected a sufficientdrainage assessment to yield one hundred and ten dollars ($110.00) for suchyear. When this excess of drainage tax so levied, assessed and collected shallaccumulate so that the aggregate surplus in the hands of the treasurer of thedistrict shall amount to more than fifteen percent (15%) of the total principalof the bonds of the district outstanding and unpaid, then such surplus abovefifteen percent (15%) thereof may be available for expenditure by the board ofdrainage commissioners in the maintenance and upkeep of the drainage work insuch district in the manner provided by law: After all the drainage assessmentshave been collected except the last assessment, if the surplus which hasaccumulated amounts to more than five percent (5%) of the total issue of bondsof the district, then and in such event the board of drainage commissioners mayin their discretion apply such excess above five percent (5%) toward thereduction of the total amount embraced in the last assessment, reducing thesame pro rata as to each tract of land embraced in the district, and havingregard to the classification, to the end that such reduction shall be fairlyand justly made. As to such surplus as shall accumulate in the hands of thetreasurer of the district over and above all obligations of the district whichmay be due, the treasurer is hereby directed to deposit same in some solventbank or banks at the highest rate of interest obtainable therefor, and the saidtreasurer shall be authorized, if he deems it necessary, to demand satisfactorysecurity for such deposits; but the said treasurer shall reserve the right todemand a repayment at any time upon giving not exceeding 30 days' noticethereof. Whereas the proceeds of the first drainage assessment may not becollected and in the hands of the treasurer of the district prior to thematurity of the first and second semiannual installments of interest upon theissue of bonds, the treasurer of the district is hereby directed to pay theinterest coupons first maturing and also the interest coupons next maturing, ifnecessary, out of funds in his hands for the purpose of maintaining theimprovement for the period of three years after the completion of the work orconstruction. As a surplus fund with the treasurer arising out of the annualadditional assessment of ten per centum (10%) shall accumulate in any one yearin excess of fifteen per centum (15%) of the total principal of the bonds ofthe district outstanding and unpaid, as herein provided, the treasurer shalltransfer in each of such years such surplus fund to the fund for maintainingthe improvement after completion, as a reimbursement of the fund formerlywithdrawn therefrom for the payment of the first and second installments ofinterest coupons until such reimbursement shall be fully made. The treasurershall thereafter keep separate accounts of the proceeds of such additional tenpercent (10%) assessment remaining each year after the payment of all maturingobligations, and also a separate account of the funds provided for maintainingthe improvement for the period of three years after completion of improvementand all payments therefrom and reimbursements thereto. (1917, c. 152, s. 13; C.S., s. 5355; 1923, c. 217, s.6; 1927, c. 98, s. 5; 1961, c. 601, s. 2.)
§ 156‑98. Form ofbonds and notes; excess assessment.
All bonds and notes authorized and issued shall be signed by thechairman and secretary of the board of drainage commissioners and the corporateseal of the district affixed thereto, and the interest coupons shall beauthenticated by the facsimile signature of the secretary, and both theprincipal and interest coupons shall be payable at some bank or trust companyto be designated by the board of drainage commissioners and incorporated in thebody of the bond. The form of the bond shall be authorized by the board ofdrainage commissioners or by the board and the purchaser of the bonds jointly, at the option of the board.
All bonds of reclamation districts shall have that fact noted upon theface of the bond, either by stamping or printing the same thereon. All bonds ofimprovement districts shall also have that fact noted upon their face.
For the purpose of meeting any possible deficit in the collection ofannual drainage assessments or any deficit arising out of unforeseencontingencies there shall be levied, assessed and collected during each yearwhen either the interest or principal or both interest and principal on theoutstanding bonds shall be due, an assessment as will yield ten percent (10%) morethan the total of interest and principal due in such years; that is to say, forevery one hundred dollars ($100.00) of principal and interest, or either, duein any one year, there shall be levied, assessed and collected a sufficientdrainage assessment to yield one hundred and ten dollars ($110.00) for suchyear. When this excess of drainage tax so levied, assessed and collected shallaccumulate so that the aggregate surplus in the hands of the treasurer of thedistrict shall amount to more than fifteen percent (15%) of the total principalof the bonds of the district outstanding and unpaid, then such surplus abovefifteen percent (15%) thereof may be available for expenditure by the board ofdrainage commissioners in the maintenance and upkeep of the drainage work insuch district in the manner provided by law: After all the drainage assessmentshave been collected except the last assessment, if the surplus which hasaccumulated amounts to more than five percent (5%) of the total issue of bondsof the district, then and in such event the board of drainage commissioners mayin their discretion apply such excess above five percent (5%) toward thereduction of the total amount embraced in the last assessment, reducing thesame pro rata as to each tract of land embraced in the district, and havingregard to the classification, to the end that such reduction shall be fairlyand justly made. As to such surplus as shall accumulate in the hands of thetreasurer of the district over and above all obligations of the district whichmay be due, the treasurer is hereby directed to deposit same in some solventbank or banks at the highest rate of interest obtainable therefor, and the saidtreasurer shall be authorized, if he deems it necessary, to demand satisfactorysecurity for such deposits; but the said treasurer shall reserve the right todemand a repayment at any time upon giving not exceeding 30 days' noticethereof. Whereas the proceeds of the first drainage assessment may not becollected and in the hands of the treasurer of the district prior to thematurity of the first and second semiannual installments of interest upon theissue of bonds, the treasurer of the district is hereby directed to pay theinterest coupons first maturing and also the interest coupons next maturing, ifnecessary, out of funds in his hands for the purpose of maintaining theimprovement for the period of three years after the completion of the work orconstruction. As a surplus fund with the treasurer arising out of the annualadditional assessment of ten per centum (10%) shall accumulate in any one yearin excess of fifteen per centum (15%) of the total principal of the bonds ofthe district outstanding and unpaid, as herein provided, the treasurer shalltransfer in each of such years such surplus fund to the fund for maintainingthe improvement after completion, as a reimbursement of the fund formerlywithdrawn therefrom for the payment of the first and second installments ofinterest coupons until such reimbursement shall be fully made. The treasurershall thereafter keep separate accounts of the proceeds of such additional tenpercent (10%) assessment remaining each year after the payment of all maturingobligations, and also a separate account of the funds provided for maintainingthe improvement for the period of three years after completion of improvementand all payments therefrom and reimbursements thereto. (1917, c. 152, s. 13; C.S., s. 5355; 1923, c. 217, s.6; 1927, c. 98, s. 5; 1961, c. 601, s. 2.)
§ 156‑98. Form ofbonds and notes; excess assessment.
All bonds and notes authorized and issued shall be signed by thechairman and secretary of the board of drainage commissioners and the corporateseal of the district affixed thereto, and the interest coupons shall beauthenticated by the facsimile signature of the secretary, and both theprincipal and interest coupons shall be payable at some bank or trust companyto be designated by the board of drainage commissioners and incorporated in thebody of the bond. The form of the bond shall be authorized by the board ofdrainage commissioners or by the board and the purchaser of the bonds jointly, at the option of the board.
All bonds of reclamation districts shall have that fact noted upon theface of the bond, either by stamping or printing the same thereon. All bonds ofimprovement districts shall also have that fact noted upon their face.
For the purpose of meeting any possible deficit in the collection ofannual drainage assessments or any deficit arising out of unforeseencontingencies there shall be levied, assessed and collected during each yearwhen either the interest or principal or both interest and principal on theoutstanding bonds shall be due, an assessment as will yield ten percent (10%) morethan the total of interest and principal due in such years; that is to say, forevery one hundred dollars ($100.00) of principal and interest, or either, duein any one year, there shall be levied, assessed and collected a sufficientdrainage assessment to yield one hundred and ten dollars ($110.00) for suchyear. When this excess of drainage tax so levied, assessed and collected shallaccumulate so that the aggregate surplus in the hands of the treasurer of thedistrict shall amount to more than fifteen percent (15%) of the total principalof the bonds of the district outstanding and unpaid, then such surplus abovefifteen percent (15%) thereof may be available for expenditure by the board ofdrainage commissioners in the maintenance and upkeep of the drainage work insuch district in the manner provided by law: After all the drainage assessmentshave been collected except the last assessment, if the surplus which hasaccumulated amounts to more than five percent (5%) of the total issue of bondsof the district, then and in such event the board of drainage commissioners mayin their discretion apply such excess above five percent (5%) toward thereduction of the total amount embraced in the last assessment, reducing thesame pro rata as to each tract of land embraced in the district, and havingregard to the classification, to the end that such reduction shall be fairlyand justly made. As to such surplus as shall accumulate in the hands of thetreasurer of the district over and above all obligations of the district whichmay be due, the treasurer is hereby directed to deposit same in some solventbank or banks at the highest rate of interest obtainable therefor, and the saidtreasurer shall be authorized, if he deems it necessary, to demand satisfactorysecurity for such deposits; but the said treasurer shall reserve the right todemand a repayment at any time upon giving not exceeding 30 days' noticethereof. Whereas the proceeds of the first drainage assessment may not becollected and in the hands of the treasurer of the district prior to thematurity of the first and second semiannual installments of interest upon theissue of bonds, the treasurer of the district is hereby directed to pay theinterest coupons first maturing and also the interest coupons next maturing, ifnecessary, out of funds in his hands for the purpose of maintaining theimprovement for the period of three years after the completion of the work orconstruction. As a surplus fund with the treasurer arising out of the annualadditional assessment of ten per centum (10%) shall accumulate in any one yearin excess of fifteen per centum (15%) of the total principal of the bonds ofthe district outstanding and unpaid, as herein provided, the treasurer shalltransfer in each of such years such surplus fund to the fund for maintainingthe improvement after completion, as a reimbursement of the fund formerlywithdrawn therefrom for the payment of the first and second installments ofinterest coupons until such reimbursement shall be fully made. The treasurershall thereafter keep separate accounts of the proceeds of such additional tenpercent (10%) assessment remaining each year after the payment of all maturingobligations, and also a separate account of the funds provided for maintainingthe improvement for the period of three years after completion of improvementand all payments therefrom and reimbursements thereto. (1917, c. 152, s. 13; C.S., s. 5355; 1923, c. 217, s.6; 1927, c. 98, s. 5; 1961, c. 601, s. 2.)
