2005 Idaho Code - 42-2811 — BONDS TO BE ISSUED AFTER LIEN STATEMENT FILED -- DIRECT OBLIGATION OF COUNTY -- FORM, TERMS, AND CONDITIONS -- PROVISIONS FOR PAYMENT

                                  TITLE  42
                       IRRIGATION AND DRAINAGE -- WATER
                            RIGHTS AND RECLAMATION
                                  CHAPTER 28
                       COUNTY IRRIGATION, DRAINAGE, AND
                             RECLAMATION PROJECTS
    42-2811.  BONDS TO BE ISSUED AFTER LIEN STATEMENT FILED -- DIRECT
OBLIGATION OF COUNTY -- FORM, TERMS, AND CONDITIONS -- PROVISIONS FOR PAYMENT.
The board of county commissioners of each and every county wherein any
irrigation or drainage projects are proposed to be wholly or partially located
and established, or wherein lands are located which are assessed for benefits
by reason of the construction thereof, is hereby authorized after the filing
of the decree of the district court confirming the election and other
proceedings authorizing a bond issue of said county, to issue the bonds of
their respective counties, and to be designed as ".... county improvement
bonds" in such amounts as may be necessary to fully meet and discharge the
expenses authorized by this chapter. All such bonds shall be the direct and
primary obligations of the county for the full principal and interest thereof.
The faith, credit, and all taxable property within the limits of the county,
as constituted at the time of such issue, are, and must continue, pledged to
the payment of said bonds. All such bonds shall be in the form provided in
section 3524 of the Idaho Compiled Statutes and shall be sold negotiated as
provided in section 3525 of the Idaho Compiled Statutes, and the board of
county commissioners shall provide for the payment of such bonds and interest
thereon in like manner as in the case of other county bonds and as set out and
provided in section 3522 of the Idaho Compiled Statutes, but shall reimburse
the county by enforcing all liens and collecting all assessments from the
lands against which benefits have been assessed or apportioned under the
provisions of this chapter. The word "expenses" shall be construed to mean and
cover every item of cost of said irrigation or drainage project from the
filing of the petition to the completion of work and all fees and expenses to
be incurred in pursuance thereof. Such bonds shall be payable at such time or
times not to exceed twenty (20) years from their date and shall bear such rate
of interest payable annually or semiannually as the board of county
commissioners shall by resolution determine. Each bond shall contain a recital
that it is issued by authority of and in conformity with the provisions of
this chapter and such bond may otherwise be in such form as the board of
county commissioners may determine, but not in conflict with the requirements
of section 3524 of the Idaho Compiled Statutes. Said board of county
commissioners shall have power to sell and negotiate said bonds as
hereinbefore provided. The proceeds from the sale of all such bonds shall be
placed in a general reclamation fund which is hereby created in the county
treasury. The county auditor shall keep a separate account with each
irrigation or drainage project so established in such county, which account
shall be credited with all moneys arising from the sale of bonds, all moneys
received as interest or penalties upon liens, charges, assessments, and all
other sources on account of such irrigation or drainage system, and which
account shall be debited with every item of expenditure made on account of
such irrigation or drainage project. Such board of county commissioners shall
provide moneys for the payment of principal and interest of said bonds as they
severally mature, which money shall be placed in the general reclamation fund
into which fund it may transfer any surplus moneys remaining in the general
revenue fund, or other funds of the county, which can be properly used for the
purpose of this chapter, into which fund shall be paid all moneys received
from the payment of any liens created under the provisions of this chapter,
and such board is hereby authorized to pay such bonds issued under the
provisions of this chapter, or the interest thereon, out of any available
funds in the county treasury when the moneys on hand in the general
reclamation fund of the treasury are insufficient to meet the payment of the
bonds issued in irrigation or drainage proceedings under this chapter when the
same mature. But the fund from which such moneys have been taken or used for
the payment of bonds after they mature, shall be replenished with interest
from the collections of unpaid assessments for irrigation or drainage works
constructed under any proceedings had hereunder, as authorized in this
chapter.