§ 70-7. Ad valorem taxes.

Sec. 7. The board shall have the power, in any year:

1.

To levy ad valorem taxes or assessments in the district:

(a)

To provide a fund which may be used by the district for emergencies and to pay the costs and expenses of studies, reports, surveys, engineering and all other work convenient or necessary to the establishment of a zone or zones within said district, provided that funds so used are replenished from funds derived from taxes or assessments levied pursuant to subdivision 2 of this section within the zone or participating zones benefited within 20 years immediately following the use of said funds, and provided further that the maximum permissible taxes or assessments pursuant to subdivision 2 of this section be levied in the zone or participating zones benefited until the funds so used are replenished.

The assets of the fund so established shall not, at any time, exceed the sum of seventy-five thousand dollars ($75,000) and once the assets of said fund shall have attained the value of seventy-five thousand dollars ($75,000) the district shall not thereafter levy any taxes or assessments pursuant to this paragraph.

Interest accrued and received on the cash assets of the fund so established shall be credited to the fund until the value of all assets of the fund shall attain the value of seventy-five thousand dollars ($75,000) and then to the general fund of the district, provided, however, that the interest so credited to the general fund of the district during any calendar year shall be applied against the taxes or assessments levied pursuant to paragraph (b) of subdivision 1 of this section for the next fiscal year or years.

Taxes or assessments may be levied for the purposes of this paragraph by any of the following means:

(1)

By a levy or assessment upon all real property within the district, including land, improvements thereon and personal property, but in no event shall said taxes exceed an amount of ten cents ($0.10) per hundred dollars ($100) of assessed valuation; or

(2)

By a levy or assessment upon all real property within the district, including both land and improvements thereon, but in no event shall said taxes exceed an amount of ten cents ($0.10) per hundred dollars ($100) of assessed valuation of land and improvements thereon; or

(3)

By a levy or assessment upon all real property within the district, but in no event shall said taxes exceed an amount of ten cents ($0.10) per hundred dollars ($100) of assessed valuation of land.

(b)

To pay the general operating and administrative costs and expenses to carry out any of the objects and purposes of this act of common benefit to the district.

Taxes or assessments may be levied for the purposes of this paragraph by any of the following means:

(1)

By a levy or assessment upon all property within the district, including the land, improvements thereon, and personal property, but in no event shall said taxes exceed an amount of three cents ($0.03) per hundred dollars ($100) of assessed valuation; or

(2)

By a levy or assessment upon all real property within the district, including both land and improvements thereon, but in no event shall said taxes exceed an amount of three cents ($0.03) per hundred dollars ($100) assessed valuation of land and improvements thereon; or

(3)

By a levy or assessment upon all real property within the district, but in no event shall said taxes exceed an amount of three cents ($0.03) per hundred dollars ($100) of assessed valuation of land.

2.

To levy taxes or assessments in each or any of said zones and participating zones, to pay the cost of carrying out any of the objects or purposes of this act performed or to be performed on behalf of said respective zones, including, but not limited to, the constructing, maintaining, operating, extending, repairing or otherwise improving any or all works of improvements established or to be established within or on behalf of said respective zones, according to the benefits derived or to be derived by said respective zones, by either of the following methods:

(a)

In any zone created for flood control purposes, said taxes shall not exceed an amount of twenty-five cents ($0.25) per hundred dollars ($100) of assessed valuation of land and improvements thereon, except that the maximum amount of such taxes may be increased to forty cents ($0.40) per hundred dollars ($100) of assessed valuation of land and improvements thereon in any zone created for flood control purposes if a majority of the voters voting thereon at a special election held within such zone and called by the board for such purpose approve such an increase in the maximum amount of taxes for such zone; or

(b)

In any zone created for water conservation purposes, said taxes shall not exceed an amount of thirty-five cents ($0.35) per hundred dollars ($100) of assessed valuation of land taxed.

It is declared that of the purposes of any tax or assessment levied under this subdivision, the property so taxed or assessed within a given zone is equally benefited.

3.

To levy taxes or assessments, in addition to the taxes or assessments levied pursuant to subdivisions 1 and 2 of this section, for administrative purposes as provided in Section 17 of this act, which shall not exceed ten cents ($0.10) per hundred dollars ($100) of assessed valuation of the property taxed; to levy taxes or assessments, to make payments under contracts with other governmental bodies as provided in Section 17 of this act; and to levy taxes or assessments for the service of bonds as provided in Section 22 of this act.

(Added Stats.1967, c. 934, § 3, eff. July 27, 1967. Amended by Stats.1973, c. 93, p. 152, § 1, eff. June 15, 1973.)