16-671 Construction costs; warrants; power to issue; amount; interest; payment; fund; created. - Nebraska Statutes

16-671. Construction costs; warrants; power to issue; amount; interest; payment; fund; created.For the purpose of paying the cost of construction of such sewer mains or water mains, or both, the mayor and council shall have power to issue warrants in amounts not to exceed the total sum of the special assessments above provided for, which said warrants shall bear interest at such rate as the mayor and council shall order. When there are no funds immediately available for the payment thereof, said warrants shall be registered in the manner provided for the registration of other warrants, and called and paid whenever there are funds available for the purpose in the manner provided for the calling and paying of other warrants. For the purpose of paying said warrants and the interest thereon from the time of their registration until paid, the special assessments above provided for shall be kept as they are paid and collected in a fund to be designated and known as the Sewer and Water Extension Fund into which all money levied for such improvements shall be paid as collected, and out of which all warrants issued for such purposes shall be paid. SourceLaws 1913, c. 161, § 1, p. 502; R.S.1913, § 4952; C.S.1922, § 4121; C.S.1929, § 16-650; Laws 1937, c. 25, § 1, p. 145; C.S.Supp.,1941, § 16-650; R.S.1943, § 16-671; Laws 1969, c. 82, § 2, p. 416; Laws 1969, c. 51, § 33, p. 293.