TITLE 43

IRRIGATION DISTRICTS

CHAPTER 6

REFUNDING BONDS

43-602.  Election to authorize. Whenever the board of directors shall deem it expedient to issue refunding bonds under the provisions of this chapter, they shall, by resolution duly adopted and made a part of the district records, call a special election of the qualified voters of the district, for the purpose of voting upon the question of authorizing the board of directors of the district to issue such refunding bonds, or the question may be submitted at a general election for district directors.

At any election held under the provisions of this chapter the question of authorizing the refunding of all or any part of the then outstanding bonded indebtedness of the district, including accrued and unpaid interest, may be submitted as one (1) question for determination whether such bonds are of the same or of different issues.

The notice of said election shall be published and posted for the same length of time and in the same manner, and the election shall be conducted and the result thereof determined and declared in all respects, as nearly as may be, in conformity with the provisions of the irrigation district laws of Idaho governing elections authorizing original bond issues. Said election notice shall specify the time and place for holding said election, the amount and date of the bonds to be refunded, the amount of refunding bonds proposed to be issued, the rate of interest they shall bear, and the time or times when the debt evidenced by such refunding bonds shall be paid: provided, that the said time or times shall not extend beyond a period of forty (40) years from the date of said refunding bonds: provided further, that provision may be made, if deemed expedient by the board of directors, for the payment of the principal, with interest, in suitable installments throughout the term of the loan evidenced by said refunding bonds.

At such election the ballots shall contain the words "Refunding bonds–yes" and the words "Refunding bonds–no," and the voter shall answer the question submitted by marking a cross (X) opposite the words expressing his choice.

History:

[(43-602) 1915, ch. 142, sec. 2, p. 299; reen. C.L., sec. 2406h; C.S., sec. 4376; I.C.A., sec. 42-602; am. 1935, ch. 92, sec. 1, p. 173; am. 1970, ch. 133, sec. 10, p. 309; am. 2014, ch. 71, sec. 5, p. 180.]