TITLE 50

MUNICIPAL CORPORATIONS

CHAPTER 31

COMMUNITY INFRASTRUCTURE DISTRICT ACT

50-3111.  Terms of bonds. For any bonds issued under this chapter, the district board shall prescribe the denominations of the bonds, the principal amount of each issue and the form of the bonds and shall establish the maturities, which shall not exceed thirty (30) years, interest payment dates and interest rates, whether fixed or variable, not exceeding the maximum rate stated in the notice of the election or the resolution of the district board. The bonds, up to the aggregate authorized principal amount thereof, may be issued in whole or divided into series, and by supplementary resolution adopted from time to time by the district board, the district may issue any remaining principal amount of the bonds in one (1) or more subsequent divisions. No election shall be required in connection with the issuance of any remaining principal amount of the bonds in a subsequent division. The bonds may be sold by competitive bid or negotiated sale for public or private offering at, below or above par. The proceeds of the bonds shall be deposited with the treasurer, or with a trustee or agent designated by the district board, to the credit of the district to be withdrawn for the purposes provided by this chapter. Pending that use, the proceeds may be invested as determined by the district board. The bonds shall be made payable as to both principal and interest solely from revenues of the district, and shall specify the revenues pledged for such purposes, and shall contain such other terms, conditions, covenants and agreements as the district board deems proper. The bonds may be payable from any combination of taxes or revenues of the types described in sections 50-3108, 50-3109 and 50-3110, Idaho Code.

History:

[50-3111, added 2008, ch. 410, sec. 1, p. 1154.]