24-433. Levy and collection of assessments to pay bonds.
24-433
24-433. Levy and collection of assessments to pay bonds.That when improvement bonds are or have been issued under the nextpreceding sections of this act for improvements the cost of which is to becharged by special assessments against specific property, the board ofdirectors shall levy special assessments each year sufficient to produce anamount equal to and not exceeding by more than ten percent (10%) the amountrequired to redeem installments of such bonds next thereafter maturing andinterest thereon; and in computing the amount of special assessments to belevied against each piece of property liable therefor, interest thereonshall be added from the date of issuance of said bonds until the maturityof the installment of bonds next thereafter maturing at the same rate thatsaid bonds bear. Such assessments shall be made upon the propertychargeable for the cost of such improvements respectively, and shall belevied and collected in the same manner as special assessments for suchimprovements where no bonds are issued, except as otherwise hereinprovided, but the assessed valuation liable for such cost which isestablished for the first year's assessment shall be retained for theassessment for the succeeding installments of bonds.
History: L. 1905, ch. 215, § 34; R.S. 1923, 24-433; L. 1930, ch. 12, § 1;March 11.