7-12-2184. Lien arising due to loan from revolving fund. (1) Whenever a loan is made to any rural special improvement district fund from the revolving fund, the revolving fund has a lien for the amount of the loan on the land within the district for which payments of assessments are delinquent and on all unpaid assessments and installments of assessments on the district, whether delinquent or not. The lien also applies to all money coming into the district fund up to the amount of the loan, together with interest on the loan from the time it was made, at the interest rate that is borne by the bond or warrant for which the loan was made and that was determined at the time the loan was made, even if the interest rate on the bond or warrant subsequently changes.
(2) If, after all the bonds and warrants issued on any rural special improvement district have been fully paid and all money remaining in the district fund has been transferred to the revolving fund, there still remains a debt from the district to the revolving fund, the board of county commissioners may foreclose the lien upon property within the district for which unpaid assessments are owed to the district for the purpose of paying off the loan to the revolving fund.
History: En. Sec. 4, Ch. 188, L. 1957; R.C.M. 1947, 16-1636(part); amd. Sec. 4, Ch. 162, L. 2001.
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