(a) It shall be lawful for any person, firm, or corporation owning lands in any drainage district, levee district, or other improvement districts within the State of Arkansas to pay any part or all of the assessments against their respective lands located in the drainage district, levee district, or other improvement districts with bonds issued by the district.

(b)

(1) It shall be lawful for any collector or improvement district commissioner or person lawfully designated to collect improvement district assessments to accept these bonds as payment, in part or in full, of any assessment imposed upon any land within any improvement district as payment of any past due assessments or assessments to become due and payable.

(2) The collector or other person lawfully designated to collect improvement district assessments in making his settlements with any district shall only apply such bonds on the settlement as he has actually received in payment of assessments or redemptions. He shall furnish the districts with a sworn statement setting out the names of property owners paying with bonds and the amounts of assessments each individual has paid in bonds.

(c)

(1) In the making of their payments, the landowners may pay with either past due bonds or bonds to become due in the future issued by the proper authority of the particular district for which payment is being made.

(2)

(A) It also shall be lawful for any person, firm, or corporation whose lands have been sold and which lands are owned by an improvement district and have not been resold to a private individual, firm, or corporation to redeem the lands or repurchase them with the bonds either past due or to become due of the particular district where the land is located and assessed for improvement purposes.

(B) The commissioner of any and all districts are authorized to execute to the person redeeming or repurchasing the lands a deed conveying all right, title, and interest of the district in and to the lands, subject, however, to any unpaid assessments that may accrue after the purchase or redemption. All bonds used in the payment of assessments, redemption, or repurchase of lands, as provided for in this section, shall be accepted at face value.

(d)

(1) The provision of this section shall in no way interfere or prevent the reassessment against any lands in any improvement district as provided by law.

(2) In the event any landowner shall have paid all assessments against his lands, including past due assessments and future assessments, nothing in this section shall prevent additional assessments against any such lands that may be made under any existing law.