38-1021 BONDS AUTHORIZED.
FORESTRY, FOREST PRODUCTS AND STUMPAGE DISTRICTS
CHAPTER 10
STUMPAGE DISTRICTS
38-1021. Bonds authorized. Upon the establishment of any stumpage district under the provisions of this chapter and the establishment of a system of stumping lands therein as provided for in this chapter, the board of stumpage commissioners of such district are hereby authorized to issue coupon bonds to pay for the total cost of the work and improvements incurred or to be incurred, or, of the part of the work and improvements assumed or contracted for, or to be assumed or contracted for, together with the costs of the organization of said district and the establishment thereof, including damages assessed and compensation made or to be made to the landowners for expense and costs of the entire proceedings, payable at a time not less than five (5) years nor longer than twenty (20) years from the date thereof: provided, that no bonds shall, under the provisions thereof, be sold for less than par value.