§ 46-270 — Irrigation projects; how financed

Any corporation or association organized under the law of this state for the purpose of constructing and operating canals, reservoirs, and other works for irrigation and water power purposes shall have power to borrow money, to issue bonds, and to mortgage its property and franchises in the same manner as railroad corporations.

Legislative History

Source: Laws 1919, c. 190, tit. VII, art. V, div. 3, § 25, p. 855; Laws 1921, c. 271, § 1, p. 900; C.S.1922, § 8475; C.S.1929, § 46-625; R.S.1943, § 46-270; Laws 2000, LB 900, § 125; Laws 2001, LB 420, § 31. Annotations: Landowner held not liable for increase in annual maintenance charge. Faught v. Platte Valley P. P. & I. Dist., 155 Neb. 141, 51 N.W.2d 253 (1952). Irrigation companies have right to mortgage property, and mortgage can be foreclosed without making water users parties to action. Almeria Irr. Canal Co. v. Tzschuck Canal Co., 67 Neb. 290, 93 N.W. 174 (1903).