TITLE 43

IRRIGATION DISTRICTS

CHAPTER 25

LOCAL IMPROVEMENT DISTRICTS

43-2522.  Liability of district. The holder of any bond, issued under the authority of this code, shall have no claim therefor against the district by which the same is issued, except to the extent of the funds created and received by assessments for the applicable bond issue against the property within any local improvement district as herein provided and to the extent of the local improvement guarantee fund for the applicable bond issue which may be established by any such district under the provisions of this code, but the district shall be held responsible for the lawful levy of all special taxes or assessments herein provided and for the faithful accounting of settlements and payments of the special taxes and assessments levied for the payment of the bonds as herein provided. The owners and holders of such bonds shall be entitled to complete enforcement of all assessments made for the payment of such bonds. A copy of this section shall be plainly written, printed or engraved on the face of each bond so issued.

History:

[43-2522, added 1993, ch. 407, sec. 1, p. 1488.]