IRRIGATION AND DRAINAGE — WATER RIGHTS AND RECLAMATION
WATER AND SEWER DISTRICT REVENUE BONDS
42-4110. Bonds — Form — Conditions. Revenue bonds issued under authority of this act shall be sold, executed and delivered at public or private sale in the manner as provided by the municipal bond law. Revenue bonds may also be sold by electronic bidding as provided in section 57-233, Idaho Code. The resolution authorizing the issuance of said bonds shall prescribe the form of bonds. Said bonds shall bear interest at a rate or rates, payable annually, or at such lesser intervals as may be prescribed by resolution; may be in one (1) or more series, bear such date or dates, mature at such time or times, and be redeemable before maturity at the option of the district; may be payable in such medium of payment, at such place or places, may carry such registration privileges, may be subject to such terms of redemption, may contain such terms, covenants and conditions, and may be in such form, either coupon or registered, as such resolution may provide. Said bonds shall be sold at not less than par with accrued interest. Pending preparation of the bonds, interim certificates, in such form and with such provisions as the commissioners may determine, may be issued. Said bonds and interim certificates shall be fully negotiable within the meaning of and for all the purposes of the negotiable instruments law.
Notwithstanding the provisions of the municipal bond law, the governing body in any proceedings authorizing bonds under this act may:
(a) Provide for the initial issuance of one (1) or more bonds, in this act called "bond," aggregating the amount of the entire issue;
(b) Make such provision for installment payments of the principal amount of any such bond as it may consider desirable;
(c) Provide for the making of any such bond payable to bearer or otherwise, registrable as to principal or as to both principal and interest, and where interest accruing thereon is not represented by interest coupons, for the endorsing or payments of interest on such bonds; and
(d) Further make provision in any such proceedings for the manner and circumstances in and under which any such bond may in the future, at the request of the holder thereof, be converted into bonds of smaller denominations, which bonds of smaller denominations may in turn be either coupon bonds or bonds registrable as to principal, or principal and interest, or both.
[42-4110, added 1976, ch. 62, sec. 1, p. 217; am. 2001, ch. 264, sec. 1, p. 967.]