46A-11-11. Agreement of contractors to take assessment certificates or warrants for services--Assessment for entire balance of cost of construction--Lien of assessment--Enforcement--Sale of assessment certificates, purpose.
152 words·~1 min read·
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If project contractors agree to take assessment certificates or warrants for their services, assessments need not be made until the completion of the work. At that time an assessment shall be made for the entire balance of cost of construction, including services of the board, surveyors and assistants, plans and profiles, publication and filing, other fees, interest on bonds, and all expenses that contribute to establishment and construction of the project. Notice of the assessment shall be given by the board in the same manner as required for any other assessment under this chapter.
Such assessment and any certificates issued thereon shall provide perpetual liens upon tracts assessed, shall be interest - bearing, and shall be enforceable in the same manner as any other assessment and certificates. The board may sell such assessment certificates at not less than par value to raise funds to defray the cost of project establishment and construction.