48-3202. Investigations and findings of state certification board upon certifying bonds
A. The state certification board upon the receipt of a certified copy of the resolution provided by section 48-3201 shall without delay make or cause to be made an investigation of the affairs of the district, and make written findings of the result of the investigation.
B. The bonds of the district referred to in the resolution of the board of directors shall be certified by the director of the department of administration in the manner provided by section 48-3204 if the state certification board finds that the irrigation system of the district and the specific project for which the bonds under consideration are desired to be used or have been used, whether the project is constructed, projected or partially completed, are feasible, and that the aggregate amount of the bonds under consideration and any other outstanding bonds of the district, including bonds authorized but not sold, does not exceed sixty per cent of the aggregate market value of the lands embraced within the district, and of the water, water rights, canals, reservoirs, reservoir sites, irrigation works and other works owned or to be acquired or constructed with the proceeds of any of the bonds by the district. The findings shall also include, but not as a prerequisite to certification by the director of the department of administration, a finding as to the ratio which the aggregate market value of the lands within the district and the irrigation system owned or to be acquired by the district wholly or in part with the proceeds of the bonds bears to the entire indebtedness of the district, including the bonds under consideration, and a finding as to the total annual taxes for all purposes for the current year against the lands embraced within the district.
C. The director of the department of administration shall provide for filing and preserving the findings provided by this section, and shall also make, keep and preserve a record of the bonds certified by him in accordance with the provisions of section 48-3204, including the date of certification, the number of each bond, its par value and the date of its issuance and its maturity.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.