§ 42-2952 — BONDS AUTHORIZED

Upon the establishment of any drainage district under the provisions of this chapter, and the establishment of a system of drainage therein as provided for in this chapter, the board of commissioners of such drainage district are hereby authorized to issue bonds to pay for the total cost of the work and improvements incurred or to be incurred, or of the part of the work and improvements assumed or contracted for, or to be assumed or contracted for, together with the cost of the organization of said district, and the establishment thereof, including damages assessed and compensation made or to be made to landowners for right of way, and the expense and cost of the entire proceedings, payable as provided by section 42-2954: provided, that no bonds shall, under the provisions hereof, be sold for less than their par value; and, provided further, that the total amount of the foregoing bonds shall not exceed ninety per cent (90%) of the assessments levied against the lands of the district for the payment of the cost and expense of the foregoing items.
The board of commissioners of any such drainage district is also hereby authorized to issue additional bonds, in an amount equal to, and payable from, the additional assessments which may be levied pursuant to and under the authorization expressed in section 42-2930.
The board of commissioners of any such drainage district is also authorized to issue additional bonds sufficient in amount to pay the total cost of the additional work and improvements and of the separate and additional works and improvements authorized by the foregoing section 42-2931 including the cost and expense of the costs of collection of the assessments therein authorized and of all legal and other proceedings incident to or had in connection with the ordering, authorization and doing of all such works and improvements by said board of commissioners or in connection with the court proceedings which shall be had under the provisions of this chapter.
The board of commissioners of any such drainage district is also authorized to issue additional bonds sufficient in amount to pay and redeem all or any part of the outstanding warrant or other indebtedness of said district, together with interest accrued thereon. The funding hereby authorized may be accomplished by the exchange of such funding bonds for the warrant indebtedness or other indebtedness thus to be funded, if consented to by the board of commissioners and by the owners of such outstanding warrants and other indebtedness; provided that such funding bonds shall not bear a higher rate of interest than the warrants and other indebtedness thereby funded and that such funding bonds shall be exchanged at not less than their par value and accrued interest; provided, however, that no warrant or other indebtedness shall be funded under the provisions of this paragraph, except such warrants and other indebtedness which have been issued and incurred prior to July 1, 1935.
In the event that the owners of such outstanding warrants and other indebtedness shall not consent to such exchange, such funding bonds shall be sold as required by section 42-2953, and such warrants and other outstanding indebtedness and obligations shall be called and retired as provided in said section 42-2953; provided, that all funds in the treasury of such district available for the payment or redemption of such warrants and other indebtedness shall be first applied to the payment and redemption of such warrants and other indebtedness together with the interest accrued thereon, and such funding bonds shall be issued for the retirement of the indebtedness remaining unpaid.
The foregoing bonds may be issued jointly or separately, as a unit bond issue or as separate bond issues as determined by the board of commissioners. Any or all of the bond issues authorized by this section may also be issued, if deemed advisable by the board of commissioners, as a part of a joint bond issue with drainage district refunding bonds authorized by and issued under the provisions of chapter 30 or under any other enabling acts of this state. The foregoing bonds shall be payable solely out of and from the assessments for benefits levied upon and a lien upon the lands within such drainage district, as provided elsewhere in this chapter; and all said assessments (as to the determination, apportionment and assessment thereof, objections thereto and hearing thereon and confirmation thereof, as to their nature and existence as a lien upon the lands thus assessed, as to appeals therefrom and their incontestability, as to the certification and entry thereof of record and upon the tax rolls of the county, as to collection thereof and as to tax sale of delinquent lands and redemption thereof, as to the times when such assessments shall become due and payable and be called and in what amounts, as to annual levies thereof for the liquidation of bonds at maturity and for the payment of interest thereon; and as to the mode, manner and time of doing all the foregoing, and in all other respects), shall be governed by, and shall be provided in, sections 42-2914, 42-2915, 42-2919 to 42-2929, inclusive and section 42-2934 to section 42-2936, both inclusive, and sections 42-2956 and 42-2958, and the other related provisions, of chapter 29 and as provided in this act. Provided that the foregoing funding bonds shall be paid by assessments levied upon and apportioned over the lands within the drainage district as provided by sections 42-2951 and 42-2962.

Legislative History

[(42-2952) 1913, ch. 16, parts of sec. 25, p. 58; reen. C.L. 168:49; am. 1919, ch. 183, sec. 11, p. 558; C.S., sec. 4543; I.C.A., sec. 41-2552; am. 1935, ch. 49, sec. 2, p. 89.]