468.70 - INSTALLMENT ASSESSMENTS -- INTEREST-BEARING WARRANTS -- IMPROVEMENT CERTIFICATES.
468.70 INSTALLMENT ASSESSMENTS -- INTEREST-BEARING WARRANTS -- IMPROVEMENT CERTIFICATES. The board may provide by resolution for the payment of assessments in not more than twenty annual installments with interest at a rate determined by the board, notwithstanding chapter 74A. The board may issue warrants bearing interest at the same rate, which warrants shall be numbered and state a maturity date in which event they shall bear interest from the date of issuance without being presented for payment and marked unpaid for want of funds. The warrants may be sold by the board for cash in an amount not less than their face value, together with any accrued interest. The board may provide by resolution for the issuance of improvement certificates payable to bearer or to the contractors, naming them, who have constructed the said improvement or completed any part thereof, in payment or part payment of such work.
Section History: Early Form [S13, § 1989-a26; C24, 27, 31, 35, 39, § 7499; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 455.77]
Section History: Recent Form 89 Acts, ch 126, § 2 CS89, § 468.70 94 Acts, ch 1035, §3 Referred to in § 468.57, 468.74