Loan contracts with state or federal agencies
(1) If authorized by its electors, a district may enter a loan contract with a state or federal agency. The loan contract shall be in such form and shall contain such terms as may be agreed upon by the agency and the district. The district may agree to levy assessments against each tract of land benefited, to do all acts and things necessary therefor, to assign to the lending agency the assessments as security for the loan and to perform all such acts within such period of time as may be agreed to between the district and the state or federal lending agency.
(2) If a state or federal lending agency pays over money to a district pursuant to the terms of a loan contract and the district fails, refuses or neglects to levy the assessments, to obtain or prepare a benefit roll, to assign the assessments or in any other manner not to perform as it agreed to under the loan contract, the state or federal lending agency shall have the right, at its election, to apply to the circuit court for the county in which is located the largest part of the lands within the district for a writ of mandamus, or any other order or writ, to require the district, its directors, officers and agents to do such acts and things as the district agreed to do under the terms of the loan contract. All costs, charges and expenses pertaining to the issuance and execution of any such writ or order shall be charged to and collected from the lands subject to the assessments in addition to such assessments.
(3) Upon the execution of a loan contract, the district shall file for record a certificate which shall state the date of the loan contract, the maximum amount of the loan, the recording data pertaining to the recorded order creating the district, the term of the loan and the rate of interest. Such certificate shall give notice that all lands within the district determined to be benefited by the construction of the works referred to in the engineering plan will be subject to assessments thereafter to be levied. [1969 c.606 §25; 1991 c.459 §430a]
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