Judgments - Surety bond or deposit. Any holder of any road improvement bond issued pursuant to the provisions of Sections 1230 through 1262 of this title shall have the right to institute, in the name of the county issuing such bond, an action in the district court of the county in which said property is located to foreclose the lien of such assessment whenever such assessment, or any installment thereof, is delinquent for a period of at least twelve (12) months. The petition shall state generally the ownership of such bond, describing the property assessed, the nature of the improvement, the amount of the unpaid delinquent assessment and penalty thereon at the rate of fifteen percent (15%) per annum, and praying for the foreclosure of such lien. Summons shall be issued on such petition as in other civil actions and the cause tried in the district court. Judgment may be entered on such petition for the amount of such unpaid assessment or installment together with interest thereon at the rate of fifteen percent (15%) per annum from the date such assessment or installment was due and payable up to the time of the institution of such action and for the sum of fifteen percent (15%) interest on said judgment from the time of the institution of such action until said judgment is paid. In the event said judgment, together with interest and costs, is not paid within six (6) months after the date the judgment was rendered, an order of sale shall be issued by the clerk of said court directing the sheriff of the county to sell said real estate in manner and form as in the case of sale of real estate under execution. The judgment shall carry the costs of such action together with the costs of such sale. Upon the payment of such judgment, the amount of the payment, exclusive of costs, shall be paid to the county treasurer and become a part of the fund to pay such outstanding bonds and interest. The judgment shall provide for the sale of the real estate subject to existing general or ad valorem taxes and special assessments. All record title holders or encumbrancers shall be made parties defendant in such suit. Upon the institution of an action to collect delinquent and unpaid assessments in any improvement district within one (1) year of the completion of any improvement, county commissioners of any county shall require the contractor performing such work or improvement to make and execute a good and sufficient surety bond or deposit sufficient securities or obligations of the United States of America, of this state, or some municipality subdivision thereof, to be approved by said board of county commissioners in the sum to be determined by the board of county commissioners, in no case to be less than ten percent (10%) of the contract price, conditioned that the contractor will immediately reimburse the county for the maintenance of said improvements against any failure due to defective workmanship or materials for a period of one (1) year from the time of its completion and acceptances.
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