2005 Idaho Code - 43-2302 — ISSUANCE OF BONDS -- TERMS AND CONDITIONS

                                  TITLE  43
                             IRRIGATION DISTRICTS
                                  CHAPTER 23
             RECONSTRUCTION  OF DAMS AND RELATED APPURTENANCES --
                    HYDROELECTRIC FACILITIES CONSTRUCTION
    43-2302.  ISSUANCE OF BONDS -- TERMS AND CONDITIONS. The board of
directors is authorized to issue the bonds of the district in the manner for
which provision is made in this chapter, which bonds shall be fully negotiable
for all purposes of the uniform commercial code of the state of Idaho as the
same may be in force from time to time.
    Bonds issued hereunder shall be authorized by resolution or resolutions of
the board. They shall be in coupon form but may be made registrable as to
principal only or as to both principal and interest. Such bonds shall be in
denominations of one hundred dollars ($100) or a multiple thereof, shall bear
interest at such rate or rates, payable annually or semiannually as the board
shall elect, shall mature serially or otherwise at any time or times, shall be
payable at such place or places within or without the state, may be made
redeemable prior to maturity in such manner and at such premiums, shall be
executed in such manner, and shall be sold in such manner and at such price or
prices as may be determined by the board.
    Bonds may be issued hereunder at one time or from time to time. If more
than one issue or series of bonds is delivered hereunder the bonds or the
respective issues or series shall have such priorities of payment as may be
provided in the proceedings authorizing the bonds.
    Any resolution or indenture providing for the issuance of bonds hereunder
shall provide for the creation of a sinking fund into which shall be paid from
the revenues pledged to such payment sums fully sufficient to pay the
principal of and interest on the bonds and to create such reserves as may be
required therein. Any resolution or indenture may contain such covenants with
the future holders of the bonds as to the disposition of such revenues, the
issuance of future bonds and the creation of future liens and encumbrances
against the revenues and other pertinent matters deemed necessary or proper by
the board to assure the merchantability of the bonds, provided such covenants
and agreements are not inconsistent with the provisions of this chapter.
    It may be provided in any such resolution or indenture that any holder of
the bonds or of any of the coupons thereto attached may by appropriate legal
action compel performance of all duties required of the board and the
officials of the district by the provisions of title 43, Idaho Code, and the
provisions of the resolution or indenture. If any bond issued hereunder is
permitted to go into default, as to principal or interest, any court of
competent jurisdiction may, pursuant to the application of the holder of any
bond, or if applicable the trustee pursuant to a trust indenture, appoint a
receiver to collect and distribute the revenues pledged to the repayment of
the bonds pursuant to the provisions and requirements of the resolution or
indenture and of this act and as the court may direct.
    The board of any district which shall have issued any bonds under the
provisions of this chapter may authorize the issuance of bonds hereunder for
the purpose of refunding all or any part of such outstanding bonds. Refunding
bonds may be either sold and the proceeds thereof applied to or deposited in
an escrow for the retirement of the outstanding bonds or may be delivered in
exchange for the outstanding bonds. The refunding bonds shall be authorized
and secured in the manner herein provided for the issuance and securing of
other bonds and may but shall not be required to have the same source of
security and payment as the bonds refunded.