39-1648. Bonds; issuance; sale; maturity; interest; general obligation of county.

254 words·~1 min read·/ne/chapter-39/39-1648

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The county may issue and sell bonds of the county in an amount sufficient to pay the costs of the improvements. Prior to the issuance and sale of such bonds, the county shall take into account the amounts collected or expected to be collected on special assessments and any money contributed to the district or otherwise available for the improvement.

(2)Bonds issued under this section shall:

(a)Mature in not to exceed twenty years from their date of issuance and bear interest payable annually or semiannually; and

(b)Constitute a general obligation of the county.

(3)All special assessments levied in the district and all contributions made to the district shall constitute a sinking fund for the payment of the bonds issued for such district.

(4)The county shall collect all special assessments and levy and collect annually a tax on all taxable property in the county sufficient in rate and amount to pay any deficiency on the amount required to pay both principal and interest on the bonds as such bonds become due. Prior to the levying of any such tax, the county shall take into account the amounts available for the payment of such bonds in the sinking fund for the district.

(5)The bonds and tax authorized under this section shall be in addition to all other bonds and taxes authorized by law and shall not be included in computing any statutory limitation on the amount of bonds or tax that may be issued or levied by the county.