2005 Idaho Code - 31-4323 — CREATION OF INDEBTEDNESS FOR WORKS OR IMPROVEMENTS -- ELECTION ON PROPOSED INDEBTEDNESS

                                  TITLE  31
                           COUNTIES AND COUNTY LAW
                                  CHAPTER 43
                             RECREATION DISTRICTS
    31-4323.  CREATION OF INDEBTEDNESS FOR WORKS OR IMPROVEMENTS -- ELECTION
ON PROPOSED INDEBTEDNESS. Whenever the board of a recreation district shall,
by resolution, determine that the interest of said district and the public
interest or necessity demand the acquisition, construction, installation,
completion or maintenance of any purpose stated in section 43-4316, Idaho
Code, equipment or apparatus to carry out the objects or purposes of said
district requiring the creation of an indebtedness exceeding the income and
revenue provided for the year, the board shall order the submission of the
proposition of issuing such obligations or bonds or creating other
indebtedness to the qualified electors, at an election held, subject to the
provisions of section 34-106, Idaho Code, for that purpose. The declaration of
public interest or necessity, herein required, and the provision for the
holding of such election, may be included within one and the same resolution,
which resolution, in addition to such declaration of public interest or
necessity, shall recite the objects and purposes for which the indebtedness is
proposed to be incurred, the estimated cost of the works or improvements, as
the case may be, the amount of principal of the indebtedness to be incurred
therefor, and the maximum rate of interest to be paid on such indebtedness.
Such resolutions shall also fix the date upon which such election shall be
held, and the manner of holding the same, and the method of voting for or
against the incurring of the proposed indebtedness; such resolution shall also
fix the compensation to be paid the officers of the election and shall
designate the polling place or places and shall appoint for each polling
place, from the qualified electors who are taxpayers of the district, the
officers of such election, consisting of three (3) judges, one (1) of whom
shall act as the clerk, provided, however, that no district shall issue or
have outstanding its coupon bonds in excess of two percent (2%) of market
value for assessment purposes of the real estate and personal property within
the said district or in excess of ten percent (10%) of market value for
assessment (of) purposes of real estate and personal property within a
district created pursuant to section 31-4304A, Idaho Code, according to the
assessment of the year preceding any such issuance of such evidence of
indebtedness for any or all of the propositions specified in this election.