48-1618. Payment of bonds; release of lands
from bond debt; exception
A. The bonds and interest thereon shall be paid by revenue derived from an annual
assessment and levy of taxes upon the real property of the district, and the real
property of the district shall be liable to taxation for such payments.
B. Any parcel or parcels of land which have paid the proportionate share of the
bonds before maturity based upon the acreage such parcel or parcels of land bear to the
total bonded acreage of the district, together with interest thereon to and including the
next following interest-paying day, shall be released and discharged from further levy of
taxes for payment of the principal and interest of the bonds then outstanding, except as
provided in subsection C of this section.
C. Such parcel or parcels of land shall be liable for assessment and levy of taxes
for all other obligations of the district, and in case of default at maturity of any of
the bonds, the lands shall be liable for that proportion of the defaulted bonded
indebtedness which the acreage of such parcel or parcels of land bear to the total bonded
indebtedness of the district.
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