(a)
(1) Any district organized under the laws of this state or created by special act for the purpose of building a bridge over a nonnavigable stream may issue its negotiable bonds bearing interest at a rate of interest not exceeding six percent (6%) per annum, for the purpose of raising money with which to construct approaches to the bridges, or to make repairs on the approaches and bridges, or to fund its debts, or any part thereof, or for any or all of these purposes.
(2) To secure the bonds, it may make a pledge and mortgage of its assessment of benefits and revenues.
(b)
(1) If any bond or interest coupon on any bond issued by the board of commissioners or directors of the district is not paid within thirty (30) days after its maturity, it shall be the duty of any court of competent jurisdiction, on the application of the holder of any such bond or interest coupon so overdue, or of the trustee named in the pledge or mortgage made for the security of the bonds, to appoint a receiver to collect the taxes of the bridge improvement district and an assessor to reassess the benefits, if necessary.
(2) The proceeds of the taxes and collection shall be applied, after the payment of costs, first to the overdue interest and then to the payment pro rata of all bonds issued by the board which are then due and payable.
(3) The receiver may be directed by suit to foreclose the lien of taxes on the lands, and the suits so brought by the receiver shall be conducted in all matters as suits by the board, as provided in the act creating the district, and with like effect.
(4) The receiver shall be authorized to have the taxes collected, as far as possible, by spreading the taxes upon the tax books of the county or counties where the district is situated.
(5) The decrees and deeds in such suits shall have the same presumption in their favor as in the case of suits brought by the board.
(6) When all of the delinquent sums shall have been paid, the receiver shall be discharged and the affairs of the district conducted by its board of commissioners or directors.
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.