2005 Idaho Code - 42-2812 — SINKING FUND

                                  TITLE  42
                       IRRIGATION AND DRAINAGE -- WATER
                            RIGHTS AND RECLAMATION
                                  CHAPTER 28
                       COUNTY IRRIGATION, DRAINAGE, AND
                             RECLAMATION PROJECTS
    42-2812.  SINKING FUND. The board of county commissioners of any county in
which any irrigation or drainage project is established under this chapter are
authorized to provide by resolution for a sinking fund for the payment of the
bonds issued under the provisions of this chapter and for such purpose and in
order to provide a fund to meet all payments of the principal and interest on
such bonds as the same come due and to cover deficiencies or delays in
collections shall provide an assessment each year, ten per cent (10%) in
excess of the amount of the principal and interest coming due the following
year on the bonds issued by such county under this chapter until such time as
a reserve fund shall have been accumulated in the county treasury from such
excess assessments to an amount of at least ten per cent (10%) of the bonds
issued by such county for such irrigation or drainage project.