US Laws, Codes, Statutes & Cases

                                  TITLE  42
                       IRRIGATION AND DRAINAGE -- WATER
                            RIGHTS AND RECLAMATION
                                  CHAPTER 13
                          LATERAL DITCH WATER USERS'
                                 ASSOCIATIONS
    42-1309.  ASSOCIATION AUTHORIZED TO BORROW MONEY, MORTGAGE OR PLEDGE
ASSETS. Lateral ditch water users' associations are expressly authorized to
borrow money from any private or governmental source, to be repaid over a
period of years, and to levy assessments over such period of years for the
purpose of repaying said loan, and they are also authorized and empowered to
mortgage and/or pledge any of the assets of said associations as security for
said loan; providing, however, that before any money can be borrowed or any
mortgage or pledge can be made and entered into, all members of said
association shall be notified of an election by two (2) weekly publications in
a legally authorized newspaper, as defined in section 60-106, Idaho Code,
within the county in which the association is located, said notice to provide
that an election is being called to determine whether or not the association
shall be authorized to borrow money and mortgage and/or pledge its assets, and
shall also state the date, time and place of said election, which shall be
held within ten days after the date of the last publication of said notice.
    If a majority of the total outstanding shares shall vote at said election
in favor of borrowing said money and mortgaging and/or pledging said assets,
then said association, through its president and secretary, shall be
authorized to borrow said money and mortgage and/or pledge its assets.