US Laws, Codes, Statutes & Cases

                                  TITLE  42
                       IRRIGATION AND DRAINAGE -- WATER
                            RIGHTS AND RECLAMATION
                                  CHAPTER 41
                    WATER AND SEWER DISTRICT REVENUE BONDS
    42-4111.  BONDS -- ISSUANCE -- TERMS -- CONDITIONS. Whenever revenue bonds
are authorized to be issued, the district commissioners shall by resolution
provide for the issuance thereof. The resolution authorizing the issuance of
said revenue bonds, for the purpose authorized, shall contain covenants as to:
    (a)  The purpose or purposes to which the proceeds of the sale of said
bonds may be applied and the use and disposition thereof;
    (b)  The use and disposition of the revenue of the works for which said
bonds are to be issued, including the creation and maintenance of reserves;
    (c)  The issuance of other or additional bonds payable from the revenue of
such works;
    (d)  The operation and maintenance of such works;
    (e)  The insurance to be carried thereon, the use and disposition of
insurance moneys;
    (f)  Books of account and inspection and audit thereof;
    (g)  The terms and conditions upon which the holders thereof or any
trustee therefor shall be entitled to the appointment of a receiver which
receiver may enter and take possession of such works, operate and maintain the
same, prescribe rates, fees, tolls or charges and collect, receive and apply
all revenue thereafter arising therefrom in the same manner as the district
itself might do. The provisions of this section and of any such resolution
shall be a contract with the holder of said bonds and the duties of the
district and its commissioners under this section and under such resolution,
shall be enforceable by the holder by mandamus or other appropriate suit,
action or proceedings at law or in equity.