§ 14-92-235 — Payment of bonds

(a) (1) All bonds issued by a board of commissioners for a suburban improvement district under the terms of this subchapter shall be secured by a lien on all real property in the district that will be benefited by the acquiring or making of the improvement financed with the proceeds of such bonds. (2) (A) The board shall see to it that a tax is levied annually and collected under the provisions of this subchapter, so long as it may be necessary to pay any bond issued or obligation contracted under its authority. (B) The making of said assessment or levy and collection may be enforced by mandamus. (b) (1) (A) If any bond or interest coupon on any bond issued by the board is not paid within thirty (30) days after its maturity, it shall be the duty of any court of competent jurisdiction, on application of any holder of the bond or interest coupon so overdue, to appoint a receiver to collect the taxes and an assessor to reassess the benefits, if necessary. (B) The proceeds of the taxes and collections shall be applied after payment of costs, first to overdue interest and then to payment pro rata of all bonds issued by the board which are then due and payable. (2) (A) The receiver may be directed, by suit, to foreclose the lien of taxes on lands. (B) The suits so brought by the receiver shall be conducted in all matters as suits by the board as provided in this subchapter and with like effect, and the decree and deeds therein shall have the same presumption in their favor. (c) When all the sums have been paid, the receiver shall be discharged and the affairs of the district conducted by the board as provided in this subchapter.

Legislative History

Acts 1941, No. 41, § 19; A.S.A. 1947, § 20-719; Acts 1997, No. 1134, § 5.