At any time after entering a contract for a project to be financed in whole or in part by special assessments, the district may issue temporary and definitive bonds on the project fund created for that purpose in the manner and subject to the limitations prescribed in section 40-24-19. If the bonds are issued to finance an irrigation project, the net revenues derived from the imposition of service charges to be imposed and collected with respect to the project as provided in section 61-24.8-22 may be pledged to payment of those bonds. Bonds issued under this section must be in amounts as in the judgment of the board will be necessary for the project. The bonds must bear interest at a rate or rates and be sold at a price resulting in an average net interest cost not exceeding twelve percent per annum if sold at private sale. There is no interest rate ceiling on bond issues sold at public sale or to the state or any of its agencies or instrumentalities. The bonds must state upon their face the purpose for which they are issued and the project fund from which they are payable and must be signed by the manual or facsimile signature of the chairman of the district board and countersigned by the manual or facsimile signature of the secretary of the district. The bonds must be payable in such amounts as the board determines, extending over a period of not more than thirty years.
61-24.8-38. Bonds may be used in making payments on contract - Bonds payable out of fund on which drawn - May be used to pay special assessments. Improvement bonds may be sold for cash at not less than ninety-eight percent of par and accrued interest, and the proceeds, less accrued interest, must be credited to the construction account of the fund and must be used exclusively to pay those contracts and construction costs. Any balance remaining in any construction account after completion of any project must be transferred to the sinking fund account of the assessment fund. The treasurer of the district shall pay special assessment bonds as they mature and are presented for payment out of the fund on which they are drawn and shall cancel the bonds when paid.
61-24.8-39. Refunding special assessment bonds - Purposes for which such bonds may be issued - Payment of bonds. Any district having outstanding special assessment bonds, payable in whole or in part out of collections from special assessments, which are past-due or which are redeemable, either at the option of the district or with the consent of the bondholders, may issue refunding special assessment bonds if there is not sufficient money in the project fund against which such bonds are drawn to pay the same. The issuance of refunding bonds must be authorized by resolution of the board. The resolution must describe the bonds to be refunded and their amount and maturity. Refunding bonds may be issued to extend the maturities of bonds payable in whole or in part by special assessments or to reduce the interest on the bonds. Refunding bonds must bear such date, be in such date, be in such denominations, and mature serially within such time, not exceeding thirty years from date of issuance, as the board determines. The treasurer of the district shall pay special assessment bonds as they mature and are presented for payment out of the fund against which they are drawn and shall cancel the bonds when paid.
61-24.8-40. Foreclosure of tax lien on property when general and special assessment taxes are delinquent. Special assessments imposed under this chapter become due and delinquent and are subject to penalties for nonpayment at the same date and rates as first installments of real estate taxes at the same time and in the same manner as provided in title 57. If there is no delinquent general property tax against a tract or parcel of land and it is foreclosed for special assessments alone, the notice of foreclosure of tax lien must state that the foreclosure is for special assessments and a tax deed in such case must be issued in the usual course of procedure.