The bonds and the interest thereon shall be paid from annual assessments upon the real property within the drainage district, and said property shall be and remain liable to be assessed for such payments. Such bonds and coupons shall be receivable in payment of the assessments levied in payment of the interest and the redemption of the bonds.
Source: L. 11: p. 327, § 69. C.L. § 2188. L. 31: p. 326, § 1. CSA: C. 57, § 89. CRS 53: § 47-6-9. C.R.S. 1963: § 47-6-9.
ANNOTATION
Water rights for irrigation are real property. Comstock v. Olney Springs Drainage Dist., 97 Colo. 416, 50 P.2d 531 (1935).
Bonds are secured by lien on irrigated land. Considering all the pertinent provisions of articles 22 to 33 of this title and the purpose sought to be accomplished, it is evident that the general assembly intended that the bonds should be secured by a lien upon irrigated land. It is inconceivable that investors would purchase the bonds if they were secured by a lien on only dry land. Comstock v. Olney Springs Drainage Dist., 97 Colo. 416, 50 P.2d 531 (1935).