468.127 - PAYMENT. - Iowa Statutes

468.127 PAYMENT. The costs of the repair or improvements provided for in section 468.126 shall be paid for out of the funds of the levee or drainage district. If the funds on hand are not sufficient to pay such expenses, the board within two years shall levy an assessment sufficient to pay the outstanding indebtedness and leave the balance which the board determines is desirable as a sinking fund to pay maintenance and repair expenses. Any assessment made under this section on any tract, parcel or lot within the district which is computed at less than five dollars shall be fixed at the sum of five dollars. If the board deems that the costs of the repairs or improvements will create assessments against the lands in the district greater than should be borne in one year, it may levy the same at one time and provide for the payment of said costs and assessments in the manner provided in sections 468.57 through 468.61; provided that assessments may be collected in not more than twenty installments as the board may determine.          Section History: Early Form [S13, § 1989-a21; C24, 27, 31, 35, 39, § 7557; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 455.136]          Section History: Recent Form 89 Acts, ch 126, § 2 CS89, § 468.127 94 Acts, ch 1051, §9; 98 Acts, ch 1048, § 1