24-621.Issuance of bonds; levy to pay bonds; temporary loan.The board of supervisors may issuenegotiable general obligation bonds of the drainage district in an amountnot in excess of the total cost of the project completed as provided bythis act. Such bonds shall bear interest, be authorized, issued, registeredby the state treasurer and sold in accordance with the general bond law.
Before such bonds are issued any person or corporation whose land orproperty has been assessed for benefits by the district, may pay thetotal amount of the cost and expenses apportioned to and levied as a taxagainst such lands and property or any lot, tract, or subdivisionthereof as set out in the assessment roll. The amount of bonds to beissued shall be reduced by the amount paid.
When such payment has been made to the board of supervisors theyshall place the sum received in the depository provided by this actand shall give such owner an acquittance showing such payment. The landsand property upon which payment has been made shall bereleased from the lien of such drainage tax and the bonds and theinterest thereon shall be chargeable solely against the lots, tracts,lands and property not making such payment. The drainage district board shallcertify to the county clerk a list of the lands and property recorded inthe office of the county clerk. Beforefunds can be secured by the levy of a tax or the sale of bonds, theboard of supervisors of such drainage district shall have power toborrow money and pledge the credit of the district for the payment ofthe same with interest in any sum not to exceed $5,000 to pay thenecessary cost and expense of the organization and incorporation of thedistrict and all other legitimate charges and expenses incurred by theboard and its officers and employees in performing the services andduties required of them by this act.
History: L. 1911, ch. 168, § 21; L. 1911, H.J.R. No. 15, p.277; R.S. 1923, 24-621; L. 1981, ch. 163, § 1; July 1.
24-621.Issuance of bonds; levy to pay bonds; temporary loan.The board of supervisors may issuenegotiable general obligation bonds of the drainage district in an amountnot in excess of the total cost of the project completed as provided bythis act. Such bonds shall bear interest, be authorized, issued, registeredby the state treasurer and sold in accordance with the general bond law.
Before such bonds are issued any person or corporation whose land orproperty has been assessed for benefits by the district, may pay thetotal amount of the cost and expenses apportioned to and levied as a taxagainst such lands and property or any lot, tract, or subdivisionthereof as set out in the assessment roll. The amount of bonds to beissued shall be reduced by the amount paid.
When such payment has been made to the board of supervisors theyshall place the sum received in the depository provided by this actand shall give such owner an acquittance showing such payment. The landsand property upon which payment has been made shall bereleased from the lien of such drainage tax and the bonds and theinterest thereon shall be chargeable solely against the lots, tracts,lands and property not making such payment. The drainage district board shallcertify to the county clerk a list of the lands and property recorded inthe office of the county clerk. Beforefunds can be secured by the levy of a tax or the sale of bonds, theboard of supervisors of such drainage district shall have power toborrow money and pledge the credit of the district for the payment ofthe same with interest in any sum not to exceed $5,000 to pay thenecessary cost and expense of the organization and incorporation of thedistrict and all other legitimate charges and expenses incurred by theboard and its officers and employees in performing the services andduties required of them by this act.
History: L. 1911, ch. 168, § 21; L. 1911, H.J.R. No. 15, p.277; R.S. 1923, 24-621; L. 1981, ch. 163, § 1; July 1.
24-621.Issuance of bonds; levy to pay bonds; temporary loan.The board of supervisors may issuenegotiable general obligation bonds of the drainage district in an amountnot in excess of the total cost of the project completed as provided bythis act. Such bonds shall bear interest, be authorized, issued, registeredby the state treasurer and sold in accordance with the general bond law.
Before such bonds are issued any person or corporation whose land orproperty has been assessed for benefits by the district, may pay thetotal amount of the cost and expenses apportioned to and levied as a taxagainst such lands and property or any lot, tract, or subdivisionthereof as set out in the assessment roll. The amount of bonds to beissued shall be reduced by the amount paid.
When such payment has been made to the board of supervisors theyshall place the sum received in the depository provided by this actand shall give such owner an acquittance showing such payment. The landsand property upon which payment has been made shall bereleased from the lien of such drainage tax and the bonds and theinterest thereon shall be chargeable solely against the lots, tracts,lands and property not making such payment. The drainage district board shallcertify to the county clerk a list of the lands and property recorded inthe office of the county clerk. Beforefunds can be secured by the levy of a tax or the sale of bonds, theboard of supervisors of such drainage district shall have power toborrow money and pledge the credit of the district for the payment ofthe same with interest in any sum not to exceed $5,000 to pay thenecessary cost and expense of the organization and incorporation of thedistrict and all other legitimate charges and expenses incurred by theboard and its officers and employees in performing the services andduties required of them by this act.
History: L. 1911, ch. 168, § 21; L. 1911, H.J.R. No. 15, p.277; R.S. 1923, 24-621; L. 1981, ch. 163, § 1; July 1.
