2005 Idaho Code - 42-4216 — POWER TO INCUR INDEBTEDNESS -- ASSESSMENTS TO SECURE REPAYMENT

                                  TITLE  42
                       IRRIGATION AND DRAINAGE -- WATER
                            RIGHTS AND RECLAMATION
                                  CHAPTER 42
                            GROUND WATER RECHARGE
    42-4216.  POWER TO INCUR INDEBTEDNESS -- ASSESSMENTS TO SECURE REPAYMENT.
In order to secure funds for the construction of diversion works and
facilities of the district, or the construction of any capital improvements
thereto, the board of directors may, by resolution duly adopted and entered
upon the minutes, incur indebtedness by contract with a money-lending
institution; provided, however, that the term of such indebtedness shall not
exceed ten (10) years. To secure the repayment of any indebtedness so
incurred, the board shall levy assessments over the term of the indebtedness
in amounts sufficient to repay the interest and principal as it falls due.
Such assessments shall be levied in the manner and shall be subject to the
limitations set forth in section 42-4215, Idaho Code.