US Laws, Codes, Statutes & Cases

                                  TITLE  42
                       IRRIGATION AND DRAINAGE -- WATER
                            RIGHTS AND RECLAMATION
                                  CHAPTER 17
                       DEPARTMENT OF WATER RESOURCES --
                             WATER RESOURCE BOARD
    42-1742.  SPECIAL FUNDS. Bonds issued under the provisions of this act
shall be payable solely out of revenues of the Idaho water resource board.
Such bonds shall be authorized by resolution, which resolution shall create a
special fund or funds into which the Idaho water resource board shall obligate
and bind the board to set aside and pay any part or parts of, or all of, or a
fixed proportion of, or a fixed amount of the available revenue of the board
sufficient to pay the principal of and interest on such bonds as the same
shall become due and, if deemed necessary, to maintain adequate reserves
therefor. No appropriated moneys shall be paid into such special fund or funds
provided that any loan repayments to the Idaho water resource board,
regardless of the source of funds for the loan, may be deposited to such fund
or funds. Such fund or funds shall be drawn upon for the sole purpose of
paying the principal of and interest on bonds issued pursuant to this act.
    The bonds shall be negotiable instruments within the provisions and intent
of the negotiable instrument laws of this state even though they shall be
payable solely from such special fund or funds. The bonds and any coupons
attached thereto shall state upon their face that they are payable solely from
such special fund or funds. If the board fails to set aside and pay into such
fund or funds the payments provided for in such resolution, the holder of any
such bonds may bring suit to compel compliance with the provisions of the
resolution.