19-2773. Same; levy and collection of assessments to pay bonds.
19-2773
19-2773. Same; levy and collection of assessments to pay bonds.
That when improvement bonds are or have been issued under the next
preceding sections of this act for improvements the cost of which is to be
charged by special assessments against specific property, the board of
directors shall levy special assessments each year sufficient to produce an
amount equal to and not exceeding more than ten percent the amount required
to redeem installments of such bonds next thereafter maturing and interest
thereon; and in computing the amount of special assessments to be levied
against each piece of property liable therefor, interest shall be added
from the date of the issuance of said bonds until the maturity of the
installments of bonds next thereafter maturing at the same rate that said
bonds bear. Such assessment shall be made upon the property chargeable for
the cost of such improvements respectively, and shall be levied and
collected in the same manner as special assessments for such improvements
where no bonds are issued, except as otherwise herein provided, but the
assessed valuation liable for such cost which is established for the first
year's assessment shall be retained for the assessment of succeeding
installments of bonds.
History: L. 1945, ch. 180, § 21; June 28.