To meet the annual installments as provided in contracts for the use of water: 1. A water users association may bind itself to levy an annual assessment on the use of water and to secure the same by liens on land and water rights or in such manner as may be provided by law. 2. A mutual ditch or irrigation company may bind itself by mortgage upon its irrigation works and system and levy annual assessments upon its stockholders. 3. Any person or corporation landowner may create a mortgage lien upon lands or give other security satisfactory to the board; and all such contracts shall provide for forfeiture of the use of water for nonpayment of assessments or installments.
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