42-388e. Same; mortgage liens; pledge of revenue; depreciation fund; rates. - Kansas Statutes

42-388e

Chapter 42.--IRRIGATION Article 3.--IRRIGATION AND IRRIGATION DISTRICTS

      42-388e.   Same; mortgage liens; pledge of revenue; depreciation fund;rates.A statutory mortgage lien shall exist upon the property owned by thedistrict, including said works, to secure the payment of said bonds andinterest thereupon. The revenue derived from the rates charged by thedistrict for the services performed and facilities furnished by it shall bepledged to secure the payment of such bonds and interest thereon, less aproper amount which shall be set aside to pay the expenses of operation andmaintenance of said district and its works, and to provide an adequatedepreciation fund. Such rates shall be sufficient to provide for suchpurposes.

      History:   L. 1933, ch. 205, § 5; March 22.