31-345. Bonds; issuance; resolution; contents; pledge of funds.

The board shall then, in such resolution, divide the total levy theretofore made into convenient installments, and opposite each shall set the year in which they shall become payable respectively. The board shall then authorize the bonds which the district proposes to issue, fixing the terms, date and maturities thereof in such a manner that the installments of the tax will be sufficient to pay the corresponding installments of bonds as and when they become due. In the same resolution the board shall provide that in due time, manner and season it will cause the annual levy to be made in compliance with such resolution, and thereupon the fund, to the extent that it may be necessary to pay the bonds, shall be pledged and hypothecated to the payment of the bonds, which pledge and hypothecation, to the amount so expressed and declared, shall be superior to any other charge against the same.

Source:Laws 1909, c. 149, § 1, p. 528; R.S.1913, § 1840; C.S.1922, § 1787; C.S.1929, § 31-444; R.S.1943, § 31-345.