(a) All bonds issued under the terms of this chapter that are made payable from the proceeds of assessments shall be secured by a lien on all benefited lands in the project area unless the board of directors shall be able to sell bonds payable out of revenue only. The board shall see to it that a tax is levied annually and collected under the provisions of this chapter so long as it may be necessary to pay any bond issued under its authority.
(b)
(1) If any bond or interest coupon on any bond issued by the board is not paid within (30) days after its maturity, it shall be the duty of the chancery court of the proper county, on the application of any holder of the bond or interest coupon so overdue, to order the collection of the taxes aforesaid. At its discretion, the court may appoint a receiver therefor.
(2) The proceeds of the taxes and collections shall be applied, after payment of costs, first to overdue interest and then to payment pro rata of all bonds issued by the board which are then due and payable.
(3) The board or receiver may be directed by suit to foreclose the lien of the taxes on the lands.
(4) The suits so brought by the receiver shall be conducted in all matters as suits by the board, as hereinbefore provided, and with like effect.
(5) The decrees and deeds herein shall have the same presumptions in their favor.
(6) However, when all such sums have been paid, the receiver shall be discharged, and the affairs of the district with respect to the project area conducted by the board, as provided in this chapter.