TITLE 43

IRRIGATION DISTRICTS

CHAPTER 20

PROVISIONS APPLICABLE TO IRRIGATION DISTRICTS AND DRAINAGE DISTRICTS

43-2002.  Application for release of first mortgage — Contents. Application for release of first mortgages owned by the state of Idaho shall be filed with the director of the department of finance of the state of Idaho and shall be in such form and shall contain such information as the state board of land commissioners shall by rule provide. Every application shall contain the following information:

(a)  The name of the irrigation or drainage district, its general location and its officers.

(b)  The total acreage in the district.

(c)  The total outstanding obligations of the district including the following:

(1)  Bonds.

(2)  Warrants.

(3)  Interest on bond.

(4)  Interest on warrants.

(5)  Interest on bond coupons.

(6)  Obligations outstanding for which warrants have not been issued.

(d)  The assessment per acre for three (3) years prior to the date of the application itemized as follows:

(1)  Current expense.

(2)  Warrant redemption.

(3)  Bond interest and sinking fund.

(e)  The complete plan for refinancing and dissolution of the district.

(f)  A description and the acreage of the property covered by the mortgage for which application for release is made, and a true and correct valuation thereof.

(g)  The amount due on the mortgage sought to be released.

(h)  The total amount and amount per acre required to retire the outstanding indebtedness of the district in which the land is situated.

(i)  The term for which said prior lien shall extend, the annual rate of interest and the basis for retirement.

(j)  Any other liens or encumbrances against said property and the amount of each.

(k)  The name of the applicant, his residence or place of business (if a corporation, its officers and managing agent).

(l)  Such other information as the board shall desire.

(m)  Said application shall be verified by the oath of the applicant.

History:

[43-2002, added 1933, ch. 194, sec. 2, p. 385; am. 1969, ch. 466, sec. 7, p. 1326; am. 1974, ch. 24, sec. 90, p. 744.]