Fla. Stat. 157.12
Duty of bond trustees to borrow money to pay interest on bonds until collection of first assessment; may issue notes; notes and bonds lien against lands; committee may issue notes

Whenever any drainage district has been constituted and district drainage bonds issued by the board of county commissioners, as provided in this chapter, the bond trustees shall borrow such money as shall be found necessary to pay the semiannual installments of interest on said bonds until the collection of the first assessment levied against the lands in the drainage district, and said trustees may issue their negotiable notes, bearing interest at not more than 8 percent per annum, as evidence of and security for such loan as they may procure, and should there not be money to the credit of said drainage fund to pay any future installment of interest at the maturity thereof, the same shall be provided by the trustees in like manner; and the owner and holder of any such note or notes shall have by virtue thereof a lien against the lands in the drainage district, and the moneys raised by the assessments levied thereon for the payment of said note or notes. Bonds issued under this chapter shall be a lien upon the lands embraced within such drainage district, and such lien shall be prior in dignity to all others except taxes. Should the committee, provided for in s. 157.03, find it necessary to raise money to meet any expense incurred in the discharge of its duties before funds shall be provided by issue and sale of bonds, as herein stipulated, then and in that event the said committee, with the approval of the board of county commissioners, may issue negotiable promissory notes for such amount as shall be found necessary, said notes to bear interest not to exceed 8 percent per annum, and the owner and holder thereof shall have a like lien and be afforded like protection as herein provided for the holder of notes issued by the bond trustees.

Source: Section 157.12 — Duty of bond trustees to borrow money to pay interest on bonds until collection of first assessment; may issue notes; notes and bonds lien against lands; committee may issue notes, https://www.­flsenate.­gov/Laws/Statutes/2024/0157.­12 (accessed Aug. 7, 2025).

157.01
Public ditch, drain or canal 157.02
Action on petition by county commissioners 157.03
Commissioners to appoint committee 157.04
Bond required before letting contract 157.05
Work done under supervision of committee 157.06
Committee to view land before letting contract 157.07
Where cost of construction exceeds estimated cost commissioners to assess difference 157.08
Assessments 157.09
Compensation of committee 157.10
Application to lateral ditches 157.11
Lateral drains may be established 157.12
Duty of bond trustees to borrow money to pay interest on bonds until collection of first assessment 157.13
Use of surplus of bond proceeds 157.14
Owner may pay whole tax in one sum 157.15
County commissioners may issue bonds to pay scrip 157.16
Enlarging drains and assessing cost 157.17
Assessment to maintain drains 157.18
Awarding contract for enlarging or repairing drains 157.19
Where actual cost exceeds estimated cost 157.20
Appointment of committee to view work and make assessments 157.21
Enlargement of drains 157.22
Repairing drains 157.23
Objections to report of committee fixing assessments 157.24
Commissioners may issue interest-bearing scrip against land to borrow money or pay for work 157.25
Compensation of committee 157.26
Repair and maintenance of drains under supervision of county commissioners 157.27
Proceedings for making repair to drains, etc 157.28
Awarding contracts for repair 157.29
Levy of tax for maintaining and repairing drains 157.30
Reassessment of lands where attempt to establish ditch or canal irregular 157.31
Notice of reassessment for drainage 157.32
Reviewing complaints and making assessment against property benefited 157.33
Issuance of scrip to take up former scrip or bonds 157.34
Reassessments to have effect as original assessment 157.35
Assessments conclusive after lapse of 6 months 157.36
Adjustment of drainage tax liens

Current through Fall 2025

§ 157.12. Duty of bond trustees to borrow money to pay interest on bonds until collection of first assessment; may issue notes; notes & bonds lien against lands; committee may issue notes's source at flsenate​.gov