BONDS — ISSUANCE, CONFIRMATION, AND SALE
43-409. Sale of bonds — Assessments in lieu of bonds canceled. The board may sell said bonds from time to time, in such quantities as may be necessary and most advantageous, to raise money for the construction of said canals and works, the acquisition of said property and rights, and otherwise to carry out the object and purposes of this title.
Before making any sale the board shall, by resolution, declare its intention to sell a specified amount of the bonds, and if said bonds can then be sold at their face value and accrued interest, they may be sold without advertisement, otherwise said resolution shall state the day and hour and place of such sale, and shall cause such resolutions to be entered on the minutes, and notice of sale to be given by publication thereof at least four (4) weeks in three (3) newspapers published in the state of Idaho, one (1) of which shall be a newspaper published in the county in which the office of the board of directors is situated, if there be a newspaper published in said county, and in other newspapers at their discretion. Said notice shall state that sealed proposals will be received by the board at their office for the purchase of bonds until the day and hour named in the resolution.
At the time appointed the board shall open the proposals and award the purchase of the bonds to the highest responsible bidder, or may reject all bids; but in case no bids are received, or all bids are rejected, at the time stated in the advertisement, it shall not be again necessary to advertise the sale of the same bonds, but they may be sold at any time until canceled: provided, said board shall in no event sell any of the said bonds for less than the par or face value thereof and accrued interest.
If, for any reason, the duly authorized bonds of a district cannot be sold, or if at any time it shall be deemed for the best interests of the district to withdraw from sale all or any portion of an authorized bond issue, the board of directors may, in their discretion, cancel the same and they may levy assessments to the amount of the bonds canceled: provided, that the revenue derived from said assessments must be employed for the same purpose as was contemplated by the bond authorization; but no levy shall be made to pay for work or material, payment for which was contemplated by bonds which have been authorized, until bonds to the amount of said assessment have been canceled. Assessments made in lieu of bonds canceled shall be collected in the manner, and shall have the same force and effect, as assessments levied under any provision of this title: provided, that such assessment shall not, during any one (1) year, exceed ten per cent (10%) of the total bond issue authorized by such district, unless a greater assessment shall be authorized by a majority vote of the qualified electors of the district voting at a general election or a special election called for that purpose, said special election to be held in the manner provided in section 43-321[, Idaho Code].
[(43-409) 1903, p. 150, sec. 21; am. 1907, p. 484, sec. 1, subd. 21; reen. R.C., sec. 2404; am. 1915, ch. 143, sec. 7, p. 304; reen. C.L., sec. 2404; C.S., sec. 4367; I.C.A., sec. 42-409.]