2005 Idaho Code - 33-354 — INDEBTEDNESS -- BOND ISSUES

                                  TITLE  33
                                  EDUCATION
                                  CHAPTER 3
                               SCHOOL DISTRICTS
    33-354.  INDEBTEDNESS -- BOND ISSUES. School subdistricts may incur debt
and issue bonds for the purpose of acquiring, purchasing or improving a school
site or sites, acquiring or constructing new school houses, remodeling
existing buildings, constructing additions thereto, including all necessary
furnishings and equipment, and all lighting, heating, ventilation, sanitation
facilities and appliances necessary to operate the buildings of the new school
subdistrict. The governing body of a school subdistrict may submit to the
qualified electors of the school subdistrict the question of whether the
governing body of the school subdistrict shall be empowered to issue
negotiable bonds of the school subdistrict in an amount and for a period of
time to be named in the notice of election. Notice of the bond election shall
be given, the election shall be conducted and the returns thereof canvassed
and the qualifications of electors voting or offering to vote shall be as
provided in sections 33-402 through 33-423, Idaho Code. The question of the
issuance of such bonds shall be approved only if the percentage of votes cast
at such election were cast in favor thereof as that which is now, or may
hereafter be, set by the constitution of the state of Idaho. All such bonds
shall be authorized, issued and sold pursuant to the provisions of sections
33-1107 through 33-1125, Idaho Code. No bonds of a school subdistrict may be
issued, however, if the issuance of such bonds would cause the percentage of
market value for assessment purposes of taxable property within the boundaries
of the school subdistrict represented by the aggregate outstanding
indebtedness of the school subdistrict, when added to the percentage of the
assessed valuation of taxable property represented by the aggregate
outstanding indebtedness of the school district within which the school
subdistrict lies, to exceed five percent (5%). As used in the preceding
sentence hereof, "market value for assessment purposes," "aggregate
outstanding indebtedness" and "issuance" shall have the same meanings as set
forth in section 33-1103, Idaho Code. Upon the approval of the issuance of
such bonds, the same may be issued by the governing body of the school
subdistrict on behalf of the school subdistrict at any time within two (2)
years from the date of such election. Wherever in sections 33-402 through
33-423, Idaho Code, and in sections 33-1107 through 33-1125, Idaho Code,
reference is made to "school district"; for purposes of this act it shall be
deemed to refer to school subdistricts.