§ 468.166 — Purchase by bondholder

Iowa § 468.166

• Jurisdiction: Iowa
• Title XI: NATURAL RESOURCES
• Ch. 468: LEVEE AND DRAINAGE DISTRICTS AND IMPROVEMENTS

Text

In any event where upon the request of the holder of any bond or bonds issued by
any drainage district the board of supervisors shall fail, neglect or refuse to purchase the
certificate of sale issued by the county treasurer and referred to in section 468.160 in manner
and form as permitted by said section, the holder of such bond or bonds may, upon filing
with the county auditor a sworn statement as to the making of such written request upon
the board of supervisors and a recital of the failure of such board to act in the premises by
complying with the provisions of said section, in the same manner and form purchase such
certificate and the ownership thereof shall thereupon vest in such holder of such bond or
bonds in trust for said drainage district or subdistrict, provided, however, that the holder
shall have a lien upon said certificate and any beneficial interest arising therefrom for the
holder’s actual outlays including the holder’s reasonable expenses and attorney’s fees, if
any, incurred in the premises. In the event any such holder of any bond or bonds shall
acquire title the holder shall have a right to lease or convey said premises, upon giving thirty
days’ written notice to the board of supervisors by filing the same with the county auditor
and in the event said board shall not approve said lease or sale, the same shall be referred
to the district court of the county where the land is situated and there tried and determined
in the manner prescribed in section 468.160. Any funds realized from the lease or sale of
said land shall be first applied in extinguishing the lien of the holder of the certificate herein
provided for and the balance shall be paid to the said drainage bond fund of said district.

Legislative History

[C35, §7590-g1; C39, §7590.7; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §455.178]