42-2821. PAYMENT OF INTEREST FOR FIVE YEARS OUT OF PROCEEDS OF SALE OF BONDS. The board of county commissioners, by a suitable order duly made and recorded in the office of the county recorder, may, when they deem it advisable, provide for payment of interest on such county bonds for a period of not to exceed five (5) years out of the proceeds of the sale of such bonds and in that event no assessments need be collected for the payment of such interest charges until the expiration of said period of not to exceed five (5) years, and in such event the amount of the estimates, and the liens, instalments to be paid, and bonds to be issued and sold, shall be increased to a sufficient extent to provide for such funding of interest and to provide the funds required for such interest payments as well as for construction purposes and for payment of the amounts due or to become due on contracts entered into in pursuance hereof. But such order for the payment of interest for not to exceed five (5) years out of the proceeds of the sale of bonds shall be conditional upon there being available in the county treasury a sufficient amount of money from the proceeds of such bond sales to complete the construction of the proposed work, in addition to the amounts to be paid out for such interest payments and should the funds available in the county treasury for the sale of such bonds be insufficient to make such interest payments, and also complete the proposed construction and the payments of the county’s obligations on its contract or contracts in connection with such project, then, notwithstanding any such order or orders for payment of interest out of the proceeds of the sale of bonds, the county officers shall proceed to collect by taxation and the enforcement of liens as provided in this chapter, the funds necessary to make interest payments and shall use the funds derived from the sale of bonds for the purpose of completing the project and completing payment of the county’s contract obligations insofar as the proceeds of the sale of bonds may be required for such purpose.
History:
[(42-2821) 1921, ch. 222, sec. 21, p. 492; I.C.A., sec. 41-2421.]
Structure Idaho Code
Title 42 - IRRIGATION AND DRAINAGE -- WATER RIGHTS AND RECLAMATION
Chapter 28 - COUNTY IRRIGATION, DRAINAGE, AND RECLAMATION PROJECTS
Section 42-2801 - BOARD OF COUNTY COMMISSIONERS — AUTHORITY IN IRRIGATION AND DRAINAGE PROCEEDINGS.
Section 42-2803 - ELECTION PROCEDURE SAME AS IN OTHER COUNTY BOND ELECTIONS.
Section 42-2804 - PETITION — DEPOSIT OF PETITIONERS.
Section 42-2807 - LANDS ASSESSED — STATE LANDS.
Section 42-2808 - COOPERATION WITH STATE UNDER CAREY ACT.
Section 42-2809 - COUNTIES AUTHORIZED TO ACT AS IRRIGATION DISTRICT.
Section 42-2810 - COOPERATION WITH FEDERAL GOVERNMENT UNDER FEDERAL RECLAMATION LAWS.
Section 42-2812 - SINKING FUND.
Section 42-2813 - LIEN STATEMENT — CONTENTS.
Section 42-2814 - LIEN STATEMENT — EXECUTION — FILING — EFFECT.
Section 42-2815 - INTEREST — PREMIUM ON BONDS.
Section 42-2816 - LIENS — HOW PAID — TAXES.
Section 42-2817 - LIENS AND PAYMENTS — SUBDIVISIONS OF LIEN.
Section 42-2818 - REPAIRS — ASSESSMENTS — LANDS IN OTHER COUNTIES.
Section 42-2821 - PAYMENT OF INTEREST FOR FIVE YEARS OUT OF PROCEEDS OF SALE OF BONDS.
Section 42-2822 - ASSESSMENT OF STATE LANDS — SEPARABLE PORTION OF CHAPTER.
Section 42-2823 - COMPENSATION OF COUNTY COMMISSIONERS — EMPLOYMENT OF ASSISTANCE.