539.480  Limitation on indebtedness; issuance of warrants or negotiable notes; levy and collection of assessments; limitation on assessments.

1.  For the purpose of organization or any of the purposes of this chapter, the board of directors may incur an indebtedness not exceeding in the aggregate the sum of $500,000 and may cause warrants or negotiable notes of the district to issue therefor, bearing interest which must not exceed by more than 5 percent the Index of Revenue Bonds which was most recently published before the bids are received or a negotiated offer is accepted. The board may levy an assessment on all lands in the district for the payment of those expenses.

2.  Subject to the provisions of subsections 3, 4 and 5, thereafter the board may levy:

(a) An annual assessment, in the absence, except as otherwise provided in paragraph (b), of assessments therefor pursuant to any of the other provisions of this chapter, of not more than $1.50 per acre on all lands in the district for the payment of the ordinary and current expenses of the district, including the salaries of officers and other incidental expenses; and

(b) An annual assessment of not more than $5 per acre on all the lands in the district for deposit in a capital improvement fund for the construction, reconstruction or maintenance of the irrigation system of the district and any appurtenances necessary thereto.

3.  Annual assessments levied pursuant to the provisions of subsection 2 may not cumulatively exceed $5 per acre.

4.  No portion of the amount collected from the assessment levied pursuant to the provisions of paragraph (b) of subsection 2 may be used for the payment of the ordinary and current expenses of the district, including the salaries of officers and other incidental expenses.

5.  The assessments authorized pursuant to the provisions of subsection 2 must be collected as provided in this chapter for the collection of other assessments.

[Part 14:64:1919; A 1921, 118; 1927, 309; NCL § 8025]—(NRS A 1960, 49; 1967, 988; 1971, 2128; 1973, 278; 1975, 876; 1981, 491, 582, 1419; 1983, 587; 1985, 2063; 1991, 8; 2009, 59)