(a) The commission is given the authority to defer the levying of assessments for the first five (5) years after the assessments are made a lien upon the real property of the district if the district has funds with which to meet its interest charges and other debts in the five (5) years from the sale of bonds or other sources.
(b) The authority conferred by this section shall not prevent the annual levying of the assessments unless funds are provided to meet all maturing obligations of the district during the period that the commission is authorized to withhold the annual levies, and any creditors or bondholder may compel by mandamus a levy of an annual assessment equal to one-twentieth (1/20) of the indebtedness of the district whenever it is shown that the district does not have sufficient funds to meet its annual maturing indebtedness and the levy has not been made.
(c)
(1) The object and purpose of this authority conferred upon the commission is to permit it to withhold, in whole or in part, annual levies for a proportional part of the obligations of the district if in the first five (5) years the district has from the sale of bonds or other sources sufficient funds to meet all its obligations due in the period.
(2) Otherwise, the levy is to be made and a collection enforced of an assessment equal to one-twentieth (1/20) of the entire indebtedness of the district.
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