(a) (1) For the purpose of paying the principal and interest of any bonds issued to pay preliminary expenses, either original or refunding bonds, when an assessment of benefits has not been made on the real property of the district, the court by which the district was established shall, when called upon by the commissioners of the district, enter upon its records an order, which shall have all the force and effect of a judgment, providing that there shall be assessed and collected a tax upon the real property of the district. This tax shall be sufficient to pay the bond issue as the bond issue matures, with ten percent (10%) added for unforeseen contingencies, based upon the valuation thereof as shown by the last assessment for county and state purposes. This tax shall be extended upon the tax books of the county and collected in the same manner as may be provided by law for the collection of taxes for state and county purposes, and for his services in making the collection, the collector shall receive a commission of one percent (1%).
(2) The tax so levied shall be a lien on all the real property of the district from the time the tax is levied by the court.
(3) The remedy against the assessment of taxes shall be by appeal, and the appeal must be taken within twenty (20) days from the time the assessment of taxes has been made by the court, and on appeal the presumption shall be in favor of the legality of the tax.
(b) The levy and collection of a tax for the payment of bonds issued to pay for preliminary expenses of a district or refunding bonds issued for such purposes shall not operate as an abandonment of the district, but the organization of the district shall be continued until such time as the board of commissioners of the district may deem it advisable to complete the improvements contemplated in the district, or, until it may be deemed advisable to abolish the district in the manner provided in subchapter 10 of this chapter.
Section: Previous 14-121-426 14-121-427 14-121-428 14-121-429 14-121-430 14-121-431 14-121-432 14-121-433 14-121-440 14-121-441 14-121-442 14-121-443 14-121-444 14-121-445 NextLast modified: November 15, 2016