48-3124

48-3124. Remittance of collections to district
treasurer; division of collections into funds;
disbursements

A. The county treasurer of each county containing a portion of an irrigation
district, except the county treasurer of the county in which the office of the district
is located, on the fifteenth day of each month shall remit to the district treasurer all
monies, warrants, coupons or bonds collected or received by him on account of the
district.

B. The district treasurer, by computations based upon certified estimates as
returned to the board of supervisors, shall divide the money received from taxation on
the lands of the district, or from other sources, into district funds corresponding with
the purposes therein specified or for which they were paid. The monies received shall be
divided as follows:

1. Money received on account of interest on the bonded indebtedness of a district
shall be kept in an interest fund.

2. Money received on account of principal of bonded indebtedness of a district
shall be kept in a bond fund.

3. Money received on account of the release and discharge of lands in the district
from the lien of the bonded indebtedness of the district shall be kept in a call or
prepayment fund.

4. Money received on account of maintenance, operation and current expenses for the
district shall be kept in a maintenance, operation and current expense fund.

5. Money received on account of the levy for outstanding or deficiency warrants
shall be kept in a deficiency fund.

6. Money received from any levy made for payment on completion of the irrigation
works of the district shall be kept in a completion fund.

7. If a levy is made or money is received from any other source or for any other
purpose, the money shall be kept in a separate fund so designated as to identify the
purpose for which the money was levied or received.

C. The district treasurer shall pay from the bond fund the principal of bonds of
the district at the time and place specified therein and shall pay from the interest fund
the interest on bonds of the district at the time and place specified therein. The
district treasurer shall pay from all of the other funds, except the call and prepayment
fund, upon warrants of the district signed by the president and countersigned by the
secretary of the district.

D. When the call and prepayment fund contains one thousand dollars or more, the
district treasurer shall call in the highest numbered outstanding bonds equal to the
amount on hand, designating the numbers of the bonds called. The call shall be given by
notice in a newspaper published in the county in which the office of the district is
located for two weeks, or in a newspaper published in any other place where the bonds are
payable for ten days. After completion of publication of the notice, the money to pay
the bonds shall be held in the call and prepayment fund until the bonds are presented for
payment, and the interest on bonds so called shall cease sixty days after the date of
first publication of the call.