2005 Idaho Code - 43-2303 — INTERIM NOTES

                                  TITLE  43
                             IRRIGATION DISTRICTS
                                  CHAPTER 23
             RECONSTRUCTION  OF DAMS AND RELATED APPURTENANCES --
                    HYDROELECTRIC FACILITIES CONSTRUCTION
    43-2303.  INTERIM NOTES. In addition to the permanent financing
contemplated in this chapter the board of any district may borrow money and
issue interim notes in evidence thereof whenever it is deemed advisable and in
the interests of the district to borrow funds temporarily for any of the
purposes herein provided in advance of permanent financing. The board may from
time to time and pursuant to appropriate resolution borrow money and issue
interim notes to evidence borrowing for the purpose of obtaining funds for any
of the purposes authorized in section 43-2301, Idaho Code. Any resolution
authorizing the issuance of interim notes shall describe generally the purpose
for which such notes are to be issued and shall specify the principal amount,
rate of interest and maturity date, which shall be the same for all interim
notes and which shall be not to exceed five (5) years from the date of issue
of such notes, and such other pertinent terms as may be specified in such
resolution. The interim notes shall be issued from time to time by the board
as funds are borrowed, in the manner the board may determine. Interest on the
interim notes may be made payable semiannually, annually or at maturity. The
interim notes may be made redeemable prior to maturity at the option of the
board in the manner and upon the terms fixed by the resolution authorizing
their issuance. Such interim notes shall be sold at such price or prices as
may be determined by resolution of the board. All such interim notes and the
interest thereon may be secured by a pledge of the proceeds of the revenues
provided in subsection (e) of section 43-2301, Idaho Code, and shall be
payable solely from such revenues and from the proceeds to be derived from the
sale of any bonds for permanent financing authorized to be issued pursuant to
this chapter. Contemporaneously with the issuance of the bonds as provided by
this chapter, all interim notes, even though they may not have then matured,
shall be paid, both principal and interest and applicable premium, if any, to
date of payment, from the funds derived from the sale of bonds authorized
hereunder for the permanent financing, and such interim notes shall thereupon
be surrendered and canceled.