US Laws, Codes, Statutes & Cases

                                  TITLE  43
                             IRRIGATION DISTRICTS
                                  CHAPTER 6
                               REFUNDING BONDS
    43-614.  EMERGENCY FUND -- LEVY AND COLLECTION -- DISBURSEMENT. The board
of directors shall provide an emergency fund which may be used for both or
either of the following purposes, to-wit: For temporarily supplementing the
bond fund in case of deficiencies due to accidents, delinquencies or other
contingencies, or for the purpose of protecting any tax title which the
district may acquire on account of taxes levied for the payment of such
refunding bonds, by paying and discharging any state and county, or other
taxes, the lien of which may be prior or superior to the taxes levied by the
district. This emergency fund shall consist of a levy of not to exceed fifty
cents (50¢) per acre per annum upon each irrigable acre in the district, and
shall be at the same rate per acre for all lands; such levy shall be made
annually and at the rate of fifty cents (50¢) per acre during the first five
(5) years after the issuance of such refunding bonds, and thereafter, whenever
the amount in such emergency fund is less than one dollar and fifty cents
($1.50) per acre for each irrigable acre in the district, the board shall levy
an assessment of not to exceed fifty cents (50¢) per acre during any one (1)
year. The taxes levied for such emergency fund shall be levied and collected
as other taxes and assessments for the payment of the interest and principal
of such refunding bonds. All moneys in the emergency fund shall be disbursed
by the treasurer of the district upon order of the board of directors.