2005 Idaho Code - 50-326 — WATER, LIGHT, POWER AND GAS PLANTS -- LEASING -- SELLING -- PROCEDURE

                                  TITLE  50
                            MUNICIPAL CORPORATIONS
                                  CHAPTER 3
                                    POWERS
    50-326.  WATER, LIGHT, POWER AND GAS PLANTS -- LEASING -- SELLING --
PROCEDURE. Whenever any city in this state shall own its own water plant,
water system, electric power plant or electric light and power transmission
and electric distribution system or natural gas distribution system, the city
council of such city may lease and sell such systems, provided, however, that
before doing so, the question of leasing or selling such property shall be
submitted to the qualified electors who pay taxes on real property within said
city, at a special election held for that purpose, and if a majority of the
votes cast at such election are in favor of leasing or selling such property,
the city council may then lease or sell the same; but in case the majority of
the votes cast at such special election shall be against the leasing or
selling of such property, the city council shall have no power to lease or
sell the same. The election to be called shall be held only after notice
thereof has been published at least once a week for two (2) consecutive weeks,
before the election, in the official newspaper of said city. Notice of such
special election shall also be posted by the city clerk in three (3) public
places in such city, at least ten (10) days before such special election. A
city council may enter into agreements pursuant to this section to lease with
the option to sell any plant or system described in this section. A city
council may only terminate such lease/option to sell agreements during the
term of the agreement for default by the entity leasing such plant or system.
Such lease/option to sell agreements are subject to the voter approval
requirements of this section.