TITLE 50

MUNICIPAL CORPORATIONS

CHAPTER 10

FINANCES

50-1035A.  Issuance of revenue bonds at rates of interest in excess of original specification. Any city may issue revenue bonds of the city bearing interest at such rate or rates as shall be prescribed by ordinance if:

(a)  The principal amount of such revenue bonds does not exceed the then unissued balance of the principal amount of revenue bonds of the same type authorized at an election heretofore held in the city;

(b)  The revenue bonds are issued for the same purpose as that for which the unissued bonds were authorized; and

(c)  The bonds are issued in accordance with the provisions of the revenue bond act; provided, that an election shall have been held and conducted in the manner provided in section 50-1035, Idaho Code, on the proposition of issuing revenue bonds under the provisions of this section at a rate or rates of interest in excess of the maximum rate of interest specified in the notice of election at which the unissued bonds were authorized and the proposition shall have been approved by the same percentage of the qualified electors of the city voting at the election as was required in section 50-1035, Idaho Code, at the election at which the unissued bonds were authorized.

History:

[50-1035A, added 1981, ch. 300, sec. 3, p. 622.]