48-2849. Issuance of improvement bonds; fund
for payment of bonds
A. The board may determine that improvement bonds shall be issued for the
cost and expense of the flood protection facility. The bonds shall be issued in the name
of the flood protection district but shall be made payable only from the special fund
collected by the flood protection district from special assessments levied and assessed
on the lots, acres or parcels fronting on the flood protection facility or, if an
assessment district has been created by the resolution of intention for the work, on the
lots, acres or parcels included in the assessment district.
B. All amounts collected from the special assessments shall be placed in the
special fund and shall not be used for any purpose other than payment of the principal
and interest of the bonds.
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