US Laws, Codes, Statutes & Cases

                                  TITLE  43
                             IRRIGATION DISTRICTS
                                  CHAPTER 6
                               REFUNDING BONDS
    43-610.  REFUNDING BONDS -- ISSUANCE UPON RESOLUTION OF BOARD. Whenever
the board of directors of an irrigation district deems it for the best
interests of the district to issue refunding bonds under this chapter without
holding an election, a resolution may be adopted by the unanimous vote of the
board of directors and made a part of the records of said district, dispensing
with the calling and holding of an election as provided by this chapter. Such
resolution shall specify the amount, date and maturities and amount of
interest due on the bonds to be refunded, the amount and date of the refunding
bonds proposed to be issued, whether the same will comprise one or more
issues, the denomination or denominations thereof, the rate of interest they
shall bear, which shall not exceed the rate of interest provided for in the
bonds to be refunded, the place or places within or without the state of Idaho
for payment of both principal and interest thereon, and the time or times when
the debt evidenced by such refunding bonds shall be paid and such resolution
shall prescribe the form of said refunding bonds; provided, that the said time
or times of payment shall not extend beyond a date forty (40) years from the
date of such issue of such refunding bonds; and provided further, that
provisions shall be made by the board of directors for the payment of the
principal of such refunding bonds in suitable annual or semi-annual
installments commencing such number of years after the date of the bonds as
the board of directors may deem best suited to the needs of the district, with
semi-annual interest payments throughout the term such bonds shall run,
conforming as nearly as may be practicable to the amortization plan, so
called, so that the combined payments of principal and interest shall be
approximately the same each year in which any of the refunding bonds
authorized by said resolution mature. All of the provisions of this chapter,
except as herein otherwise specifically provided, shall apply to refunding
bonds issued under the provisions of this section.