2005 Idaho Code - 31-1902 — PREREQUISITES TO ISSUANCE

                                  TITLE  31
                           COUNTIES AND COUNTY LAW
                                  CHAPTER 19
                              COUNTY BOND ISSUES
    31-1902.  PREREQUISITES TO ISSUANCE. For the purpose of extending the time
of payment of said outstanding indebtedness, or reducing the interest charged,
or when the interests of the county require it, the board may issue said bonds
in exchange for bonds, theretofore issued by the county or for valid and legal
warrants of the county outstanding on the second Monday of January, 1933, and
may do so by resolution of the board at a regular meeting thereof, and without
a vote of the people. Before any bonds shall be issued or exchanged under this
section, the board of county commissioners shall ascertain that the bonds or
warrants the payment of which is to be extended, or which are to be taken in
exchange for the new issue of bonds, are valid and legal obligations of the
county, and their findings of fact shall be entered of record on the minutes
of their proceedings at least ten (10) days before any exchange is made, as
herein provided. The said board shall also, before issuing any bonds under
this section, deduct from the total outstanding legal indebtedness of the
county at the time of the issue of said bonds, the cash on hand in the
treasury of the county, that is available for the payment of said legal
indebtedness, or any part thereof, and the issue of bonds as in this section
provided for, shall in no case exceed the aggregate or total legal
indebtedness of the county then outstanding, less the cash on hand to be
applied in payment and discharge of said indebtedness.