19-2773.   Same; levy and collection of assessments to pay bonds.That when improvement bonds are or have been issued under the nextpreceding sections of this act for improvements the cost of which is to becharged by special assessments against specific property, the board ofdirectors shall levy special assessments each year sufficient to produce anamount equal to and not exceeding more than ten percent the amount requiredto redeem installments of such bonds next thereafter maturing and interestthereon; and in computing the amount of special assessments to be leviedagainst each piece of property liable therefor, interest shall be addedfrom the date of the issuance of said bonds until the maturity of theinstallments of bonds next thereafter maturing at the same rate that saidbonds bear. Such assessment shall be made upon the property chargeable forthe cost of such improvements respectively, and shall be levied andcollected in the same manner as special assessments for such improvementswhere no bonds are issued, except as otherwise herein provided, but theassessed valuation liable for such cost which is established for the firstyear's assessment shall be retained for the assessment of succeedinginstallments of bonds.

      History:   L. 1945, ch. 180, § 21; June 28.