2012 Idaho Statutes
Title 42 - IRRIGATION AND DRAINAGE -- WATER RIGHTS AND RECLAMATION
Chapter 29 - DRAINAGE DISTRICTS
Section 42-2950 - WARRANTS -- PAYMENT -- INTEREST.
(2) If a board of commissioners has elected and complied with the provisions of section 42-2949(1), Idaho Code, and in the absence of funds to pay warrants issued, the board may by resolution order payment of warrants presented by registering such warrants as hereinafter provided, and at the same time shall prescribe the interest rate said warrants shall draw. All warrants issued shall be presented to the secretary of a drainage district by the persons holding the same. If there are insufficient funds to pay the warrants presented, the secretary must indorse thereon "not paid for want of funds," the date of indorsement, the rate of interest such warrant shall draw as fixed by resolution of the board of commissioners, and sign his name thereto; and thereafter the said warrant shall draw interest at the rate specified in such indorsement until called for payment. Warrants issued by a drainage district shall be paid in the order of their issuance from funds accruing for the year in which they are issued. After all outstanding indebtedness for any one (1) year has been paid, any balance for that year shall be transferred to a warrant redemption fund for payment of uncalled registered warrants. Where there is no outstanding indebtedness nor any uncalled registered warrants, any balance may be used for the payment of current expenses for the next fiscal year.
History:
[(42-2950) 1913, ch. 16, sec. 32, p. 58; reen. C.L. 168:47; C.S., sec. 4541; I.C.A., sec. 41-2550; am. 1983, ch. 60, sec. 2, p. 140.]
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