US Laws, Codes, Statutes & Cases

                                  TITLE  42
                       IRRIGATION AND DRAINAGE -- WATER
                            RIGHTS AND RECLAMATION
                                  CHAPTER 28
                       COUNTY IRRIGATION, DRAINAGE, AND
                             RECLAMATION PROJECTS
    42-2821.  PAYMENT OF INTEREST FOR FIVE YEARS OUT OF PROCEEDS OF SALE OF
BONDS. The board of county commissioners, by a suitable order duly made and
recorded in the office of the county recorder, may, when they deem it
advisable, provide for payment of interest on such county bonds for a period
of not to exceed five (5) years out of the proceeds of the sale of such bonds
and in that event no assessments need be collected for the payment of such
interest charges until the expiration of said period of not to exceed five (5)
years, and in such event the amount of the estimates, and the liens,
instalments to be paid, and bonds to be issued and sold, shall be increased to
a sufficient extent to provide for such funding of interest and to provide the
funds required for such interest payments as well as for construction purposes
and for payment of the amounts due or to become due on contracts entered into
in pursuance hereof. But such order for the payment of interest for not to
exceed five (5) years out of the proceeds of the sale of bonds shall be
conditional upon there being available in the county treasury a sufficient
amount of money from the proceeds of such bond sales to complete the
construction of the proposed work, in addition to the amounts to be paid out
for such interest payments and should the funds available in the county
treasury for the sale of such bonds be insufficient to make such interest
payments, and also complete the proposed construction and the payments of the
county's obligations on its contract or contracts in connection with such
project, then, notwithstanding any such order or orders for payment of
interest out of the proceeds of the sale of bonds, the county officers shall
proceed to collect by taxation and the enforcement of liens as provided in
this chapter, the funds necessary to make interest payments and shall use the
funds derived from the sale of bonds for the purpose of completing the project
and completing payment of the county's contract obligations insofar as the
proceeds of the sale of bonds may be required for such purpose.