US Laws, Codes, Statutes & Cases

                                  TITLE  42
                       IRRIGATION AND DRAINAGE -- WATER
                            RIGHTS AND RECLAMATION
                                  CHAPTER 28
                       COUNTY IRRIGATION, DRAINAGE, AND
                             RECLAMATION PROJECTS
    42-2815.  INTEREST -- PREMIUM ON BONDS. The amount that each tract of
land, public or corporate road or railroad shall be liable for on account of
the establishment of any irrigation or drainage project under the provisions
of this chapter shall bear interest from the date of the filing of the
auditor's statement in the county recorder's office at a rate of interest not
exceeding six per cent (6%) per annum until paid, such rate of interest to be
fixed and determined by the board of county commissioners at the time of
establishing such project: provided, that when bonds are issued by the county
for the construction or establishment of such project, the same rate of
interest shall be charged as said bonds so issued bear: provided, further,
that in any case and at any time after the establishment of any project and in
the event there is not sufficient money in the sinking fund for the purpose
the board of county commissioners may upon such notice as shall be ordered and
upon a showing of the necessity to provide funds to meet payments due or
maturing on the bonds issued under this chapter, either change or modify any
order previously made fixing and determining a rate of interest or fix the
rate of interest in the case the same has not been previously fixed or change
the existing rate of interest, the same to remain in effect until such time as
the amount in the sinking fund is sufficient for such purpose. All interest
shall constitute an additional lien on said land or lots until fully paid,
which said interest when about to be paid shall be computed by the county
auditor. If bonds are sold at a premium, such premium shall become a part of
the sinking fund herein provided.