TITLE 50

MUNICIPAL CORPORATIONS

CHAPTER 17

LOCAL IMPROVEMENT DISTRICT CODE — GUARANTEE FUND

50-1726.  Rights against assessments. The said bonds of any local improvement district as herein provided, when sold as hereinbefore provided, shall transfer to the owner or holder of such bonds all the rights and interest of such municipality in and with respect to every such assessment and the lien thereby created against the property of each owner assessed as shall not have availed himself of the provisions of this code, in regard to the redemption of his property as aforesaid, and shall authorize owners and holders of such bonds to receive and have collected the assessment or assessments embraced in any such bonds through any of the methods provided by law for the collection of assessments for local improvements.

Whenever any installment of an assessment or the interest thereon made for the payment of principal, or interest on such bonds so issued, is not paid when due and shall become delinquent, the municipality may by a resolution duly adopted declare all unpaid instalments against any property to pay the cost and expenses of such improvement to be immediately due, payable and delinquent, and may thereupon cause a delinquency certificate to be issued against said property for the whole of the unpaid assessment against it in the manner hereinafter provided for issuance of delinquency certificates upon any instalment of such assessment(‘s) becoming delinquent, and any such council must pass such resolution upon the written request of the holders of one-half (1/2) of any such bond issue, filed with the clerk.

History:

[50-1726, added 1976, ch. 160, sec. 2, p. 587.]