(a) The clerk of the court shall upon receipt of the petition give due notice by publication for two (2) weeks in some newspaper published and having a general circulation within the county in which the project area is located calling upon all persons owning land within the area to appear before the court upon a date to be fixed by the court, not less than ten (10) days nor more than thirty (30) days from the date of the last publication, to show cause in favor of or against the issuance of bonds or other evidences of indebtedness.
(b) If upon final hearing the court deems it to be in the best interest of the owners of the land, the court shall enter an order authorizing the issuance of bonds or other evidences of indebtedness.
(c) The order of the court shall have the force and effect of a judgment and any aggrieved party may appeal from this order within thirty (30) days after the order has been made. If no appeal is taken within that time, the order shall be deemed conclusive and binding upon the lands in the project area and upon the owners thereof.
(d) The board may thereupon borrow money at a rate of interest from any agency of the United States or any other public or private lending source; may issue promissory notes, negotiable bonds, or other evidences of indebtedness as required by the lender thereof; and may pledge and assign all assessments and revenues relating to the project area for the repayment thereof.
Section: 14-125-802 14-125-803 14-125-804 14-125-805 14-125-806 NextLast modified: November 15, 2016