2005 Idaho Code - 50-1724 — BOND AND INTEREST FUNDS

                                  TITLE  50
                            MUNICIPAL CORPORATIONS
                                  CHAPTER 17
                          LOCAL IMPROVEMENT DISTRICT
                            CODE -- GUARANTEE FUND
    50-1724.  BOND AND INTEREST FUNDS. Once bonds are issued as provided
herein, any funds paid as instalment payments of assessments pledged to the
payment of such bonds shall be kept in a fund known as the "bond fund" of the
district and any funds paid as interest on said instalment payments of
assessments shall be kept in a fund known as the "interest fund" of the
district. The funds shall be deposited in such bank or banks as are designated
as depositors of public moneys of such municipalities under the laws of this
state, or invested in bonds or warrants of the municipality. Interest received
on such funds so deposited or invested shall be placed to the credit of the
fund from which it is earned. Maturing bonds shall be paid from the bond fund
and the interest on the bonds, when due, shall be paid from the interest fund.
If there is sufficient money in the bond fund to pay the principal of one or
more bonds, the treasurer may call in and pay such bonds as of the next
interest payment date in such manner as may be provided by the council at the
time of the issuance of the bonds. The bonds to be called shall be selected by
lot and shall, in the event less than all of the outstanding bonds are to be
redeemed, insofar as can be done taking into consideration the denominations
of the outstanding bonds, represent an equal amount of bonds from each
maturity outstanding at the time of the redemption.