24-817. Same; bonds; assessments.
24-817
24-817. Same; bonds; assessments.That all bonds issued under the provisions of the next preceding sectionshall be executed as provided by law; and each of said bonds shall recitethat it is issued under the provisions of this act and is payable fromspecial assessments that have been levied and constitute a lien upon realestate in said district benefited by improvements made under the provisionsof this act, and such recital may be relied upon by any purchaser of saidbonds as conclusive that the same were issued in conformity to this act,and that all conditions precedent to their issue were duly performed; thatthe bonds issued under the provisions of the next preceding section shallbe sold by the board of county commissioners as provided by law, but nopart of the same, nor the proceeds thereof, shall be used for any otherpurpose than the payment of the cost of improvements for which they wereissued; that when improvement bonds are issued under the next precedingsection of this act for improvements the cost of which is to be charged byspecial assessments against specific property, the board of countycommissioners shall levy special assessments each year sufficient to redeemthe installments of such bonds next thereafter maturing and interestthereon; and in computing the amount of special assessments to be leviedagainst each piece of property liable therefor, interest thereon shall beadded from the date of issuance of said bonds until the maturity of theinstallment at the rate said bonds bear. Such assessments shall be made onthe property chargeable for the cost of such improvements respectively, andshall be levied and collected in the same manner as special assessments forsuch improvements 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 theassessments for the succeeding installments of bonds.
History: R.S. 1923, 24-817; Dec. 27.