2005 Idaho Code - 31-4326A — SECURITY -- TAX LEVIES AND SINKING FUND

                                  TITLE  31
                           COUNTIES AND COUNTY LAW
                                  CHAPTER 43
                             RECREATION DISTRICTS
    31-4326A.  SECURITY -- TAX LEVIES AND SINKING FUND. After the issuance of
any bonds authorized by section 31-4326, Idaho Code, the full faith and credit
of the issuing district, and all taxable property within its limits, as
constituted at the time of the issuance of such bonds, are, shall be, and must
continue, pledged to the full and prompt payment of the principal and interest
thereof. Should any tax for the payment of principal and interest on any bonds
issued under the provisions of this act at any time not be levied or collected
in time to meet such payments, such payments shall be made out of other funds
of such district. The governing board of such district shall levy and cause to
be levied annually at the time when and in the manner in which other general
taxes of such district are levied, upon all the taxable property within its
limits, in addition to all other authorized taxes and assessments, a tax or
assessment sufficient to meet the payments of principal of and interest on
said bonds as the same mature, and to constitute a sinking fund for the
payment of the principal amount of said bonds and the interest thereon within
no more than twenty (20) years from the time of contracting the indebtedness
evidenced thereby all in accordance with the provisions made for the payment
of the principal of and interest on such bonds as theretofore provided by
ordinance or by resolution and as required by the constitution and laws of the
state of Idaho; and such taxes shall be levied, assessed, certified, extended,
and collected by the proper officers and at the times, all as fixed by law and
as other taxes are levied, assessed, certified, extended and collected in, for
and by the district and by the same officers thereof until the principal and
interest of all such bonds and interest thereon shall be fully paid. All of
such taxes when collected shall be credited by the proper receiving officers
to separate funds distinct from the funds for the payment of the principal of
or the interest on bonds of any other series or issue, and apart from any
other funds of the district. The requirements of this section shall apply to
all bonds hereafter issued by recreation districts pursuant to said section
31-4326, Idaho Code, including any such bonds heretofore voted but not yet
issued.