42-2212. CONDEMNATION FUNDS FOR FUTURE EXPENSES — PERMANENT TRUST FUND — INVESTMENT. When any corporation organized for the operation, control or management of an irrigation project or canal system, or for the purpose of furnishing water to its shareholders and not for profit or hire, shall receive through condemnation proceedings, or by contract made under threat of such proceedings, any funded amount to meet increased maintenance and operation expenses in future years as opposed to funds received as compensation for expenses incurred or to be incurred for the reconstruction or relocation of irrigation works, such funded amount shall constitute a permanent trust fund in the treasury of such company, and as such it shall be kept separate and apart from other funds of the company and such funded amount shall be invested by the board of directors of such company under the standards specified in the Prudent Man Investment Act as set forth in chapter 5, title 68, Idaho Code.
History:
[42-2212, added 1965, ch. 186, sec. 1, p. 393.]
Structure Idaho Code
Title 42 - IRRIGATION AND DRAINAGE -- WATER RIGHTS AND RECLAMATION
Chapter 22 - OPERATING COMPANIES — LIEN FOR MAINTENANCE CHARGES
Section 42-2201 - MAINTENANCE CHARGES — RIGHT TO COLLECT — BASIS OF ASSESSMENT — LIEN.
Section 42-2201A - AUTHORIZATION FOR OTHER ASSESSMENT.
Section 42-2203 - FILING OF CLAIM OF LIEN.
Section 42-2205 - LIMITATION OF LIEN.
Section 42-2206 - FORECLOSURE PROCEEDINGS RELATE ONLY TO WATER OR WATER RIGHTS.
Section 42-2207 - FORECLOSURE OF LIEN.
Section 42-2208 - INTEREST ON DELINQUENT ASSESSMENTS.
Section 42-2209 - RELEASE OF LIEN.
Section 42-2210 - INTERPRETATION.
Section 42-2211 - SECURING SUPPLEMENTAL WATER — ANNUAL LEVIES — DELIVERY OF WATER UPON PAYMENT.
Section 42-2212 - CONDEMNATION FUNDS FOR FUTURE EXPENSES — PERMANENT TRUST FUND — INVESTMENT.