During the month of June of each year, the board shall prepare a complete statement
of the condition of the finances of each drain and shall cause the same to be filed
with the county auditor on or before July first next following. At its July meeting next following the filing of each statement of financial condition
of any drain, the county board shall examine such statement and determine whether
or not any drain has defaulted or will default on its financial obligations. If it appears to the county board that any drain does not have moneys and drain
assessments receivable equal to one hundred percent of its obligations coming due
within thirteen months next following, the county board shall pay from the county
general fund into the sinking fund for drain warrants or bonds or shall proceed to
levy a general property tax, the proceeds of which, together with drain moneys on
hand and the probable prior yield of drain assessments will amount to one hundred
ten percent of the obligations of the drain becoming due during the thirteen months
next following. Such tax or payments shall be appropriated to the sinking fund for the drain warrants
or bonds, and certificates of indebtedness may be issued against the same as levied. On redemption of all warrants or bonds against any sinking fund, or upon accumulation
of moneys in such fund sufficient to redeem all outstanding warrants or bonds, all
surplus moneys in such fund shall be payable to the general fund of the county or
counties levying general property taxes or making such payments, up to the amounts
of such levies or payments.
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