48-3202. Investigations and findings of state
certification board upon certifying bonds


A. The state certification board upon the receipt of a certified copy of the
resolution provided by section 48-3201 shall without delay make or cause to be made an
investigation of the affairs of the district, and make written findings of the result of
the investigation.


B. The bonds of the district referred to in the resolution of the board of
directors shall be certified by the director of the department of administration in the
manner provided by section 48-3204 if the state certification board finds that the
irrigation system of the district and the specific project for which the bonds under
consideration are desired to be used or have been used, whether the project is
constructed, projected or partially completed, are feasible, and that the aggregate
amount of the bonds under consideration and any other outstanding bonds of the district,
including bonds authorized but not sold, does not exceed sixty per cent of the aggregate
market value of the lands embraced within the district, and of the water, water rights,
canals, reservoirs, reservoir sites, irrigation works and other works owned or to be
acquired or constructed with the proceeds of any of the bonds by the district. The
findings shall also include, but not as a prerequisite to certification by the director
of the department of administration, a finding as to the ratio which the aggregate market
value of the lands within the district and the irrigation system owned or to be acquired
by the district wholly or in part with the proceeds of the bonds bears to the entire
indebtedness of the district, including the bonds under consideration, and a finding as
to the total annual taxes for all purposes for the current year against the lands
embraced within the district.


C. The director of the department of administration shall provide for filing and
preserving the findings provided by this section, and shall also make, keep and preserve
a record of the bonds certified by him in accordance with the provisions of section
48-3204, including the date of certification, the number of each bond, its par value and
the date of its issuance and its maturity.