2005 Idaho Code - 40-1517 — FUNDING OF INDEBTEDNESS OF FORMER HIGHWAY DISTRICTS

                                  TITLE  40
                             HIGHWAYS AND BRIDGES
                                  CHAPTER 15
                      CONSOLIDATION OF HIGHWAY DISTRICTS
    40-1517.  FUNDING OF INDEBTEDNESS OF FORMER HIGHWAY DISTRICTS. If the
consolidated highway district commissioners determine that valid outstanding
indebtedness of any of the former highway districts, existing prior to the
consolidation may be funded or refunded to the profit and benefit of the
taxpayers within the boundaries of the former highway district, and without
incurring any additional liability, the highway commissioners have the power
and authority to make provision for issuing of funding or refunding bonds in
an amount equal to the unpaid principal and interest on the outstanding bonds
or other indebtedness. Before the highway commissioners shall issue any bonds
to refund any outstanding indebtedness, it shall cause all moneys of the
former highway district on hand available for the payment and discharge of any
indebtedness to be applied in payment and discharge of them and issue funding
or refunding bonds only for the remainder of the indebtedness. The issuance of
bonds shall not create any liability against the consolidated highway district
or any of the property within its boundaries, excepting that the property
within the boundaries of the former highway district shall be liable for the
payment of the bonds.