(a)Any county that has legally incurred, or may hereafter incur, a bonded indebtedness for the purpose of constructing or aiding in the construction of a levee or levees or drainage to reclaim and improve the low, wet, and overflowed lands within the county or in the state, whereby the taxable values of the property in such county or state have been or may be materially increased, shall be entitled to retain out of the revenue due by such county to the state, such increment of taxes so realized for the state, because of such enhancement of values, as have been or may be traceable to the issuance of such bonds for such purpose, and the works done in pursuance thereof in the construction of such levee or levees or drainage.
(b)The trustee of any such county, in making payments to the prope
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(a) Any county that has legally incurred, or may hereafter incur, a bonded indebtedness for the purpose of constructing or aiding in the construction of a levee or levees or drainage to reclaim and improve the low, wet, and overflowed lands within the county or in the state, whereby the taxable values of the property in such county or state have been or may be materially increased, shall be entitled to retain out of the revenue due by such county to the state, such increment of taxes so realized for the state, because of such enhancement of values, as have been or may be traceable to the issuance of such bonds for such purpose, and the works done in pursuance thereof in the construction of such levee or levees or drainage. (b) The trustee of any such county, in making payments to the proper officers of the state of the revenue collected by the trustee and payable to the state, is allowed, and it is the trustee's duty, to retain such increment of taxes as provided for in subsection (a), and for the purpose of ascertaining and determining the amount that the trustee shall so be entitled to retain, the commissioner of revenue is empowered, and it is made the commissioner's duty, to make all necessary investigations as to the facts; and the commissioner shall then make a settlement with the trustee of such county, whereby the commissioner will ascertain, determine, and fix the exact amount that the trustee shall be allowed to retain, as the increment of such taxes. Such settlement shall be made each year at the time of the final settlement made with the trustee of such county of the accounts with the state for taxes collected by the trustee. (c) At the time of settlement, the commissioner of revenue shall be required to take from such trustee a written statement signed by the trustee, showing the exact amount so retained by the trustee, and such receipt shall be filed and kept by the commissioner as evidence of the amounts so retained, which otherwise should and would have been paid to the state. (d) In ascertaining, determining, and fixing the amount of such taxes accruing in favor of the state, the commissioner of revenue shall take and consider, among other facts, the assessed taxable values of property of such county for the year next preceding the issuance of such bonds; and in no event shall the taxes to be paid to the state be less than on an amount of taxable property equal to the amount as assessed in and for such county in the year next preceding the issuance of the bonds. (e) All such taxes to be left in the hands of the trustee shall be and become the property of such county, shall be and constitute a fund to discharge the bonded indebtedness and interest on the bonds, and shall not be used by such county or its officers for any other purpose; but the county, by and through its proper officers, shall by proper action provide for the appropriation of such moneys to the payment, discharge of the bonds and interest on the bonds, or to the purchase of the bonds. (f) All the provisions of this section shall remain in force and effect during the term of years for which the bonds are to run before maturity, unless they are paid sooner, but in no event to extend beyond the payment of such bonds, or the date of their maturity.