The board of directors of any district securing or to secure any loan hereunder shall have power and authority to pledge and/or mortgage the income, assets and property of said district, and are authorized and empowered, and it shall be the duty of said board, to make special levy of assessment and assessments, from year to year, against all lands within the district to meet the payment and payments, including interest and sinking fund, obligated under any loan made hereunder; that such special assessments shall be increased not less than 15 per centum over and above the amount and amounts deemed to be required to meet the loan obligation, and if the sum realized from such special assessment and assessments be insufficient then any and all other income and property of the district shall be used as necessary to meet such obligation, except that no funds of the district shall be used to pay obligations hereunder where such funds have been made available to pay the outstanding bonds of such district, or interest thereon, or other obligations of the district shown of the public records of the county clerk of the county in which said district be situated, or if situated in more than one county, then the said records of each county.
History: Laws 1933, ch. 52, § 2; 1941 Comp., § 77-2509; 1953 Comp., § 75-26-9.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 94 C.J.S. Waters § 326.
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.