2005 Idaho Code - 40-823 — LEVY TO PAY INDEBTEDNESS UPON DIVISION OF DISTRICT

                                  TITLE  40
                             HIGHWAYS AND BRIDGES
                                  CHAPTER 8
                                    TAXES
    40-823.  LEVY TO PAY INDEBTEDNESS UPON DIVISION OF DISTRICT. Whenever
there is a division of a highway district and an amount is found to be due
from either of the districts to the other, and where a warrant or warrants
have been drawn for the amount due payable to the creditor district, and the
levy for the first year is found to be insufficient for the payment of the
warrant or warrants, it shall be the duty of the board of highway district
commissioners of the debtor district to levy annually a tax sufficient to pay
at least twenty-five per cent (25%) of the warrant indebtedness annually, or
so much of the warrant indebtedness as the limit of levying taxes by a highway
district as prescribed by law will permit. The highway district commissioners
of the former district shall annually levy an ad valorem tax for both the
former and the new district for the purpose of providing a sinking fund to pay
the bonded indebtedness of the former district at the time of the division.
Upon any levy being made by the board of highway district commissioners of the
former district, it shall be the duty of the clerk of that board to transmit
to the board of highway district commissioners of the new district a certified
copy of the resolution providing for the tax. It shall be the duty of the
board of highway district commissioners of the new district to spread the
resolution on its minutes, and a tax shall be levied on the new district in
accordance with the resolution and collected in the same manner as other
special highway district taxes are collected. The moneys shall be paid as soon
as collected by the tax collector of the county in which the new district is
situated, to the treasurer of the former district who shall credit the tax
moneys to the sinking fund to liquidate the existing bonded indebtedness.