No county, city, board of education, or school district, or other
subdivision of the state, shall incur any indebtedness, or liability, in any manner, or
for any purpose, exceeding in that year, the income and revenue provided for it for
such year, without the assent of two[-]thirds (2/3) of the qualified electors thereof
voting at an election to be held for that purpose, nor unless, before or at the time of
incurring such indebtedness, provisions shall be made for the collection of an annual
tax sufficient to pay the interest on such indebtedness as it falls due, and also to
constitute a sinking fund for the payment of the principal thereof, within thirty (30)
years from the time of contracting the same. Any indebtedness or liability incurred
contrary to this provision shall be void: Provided, that this section shall not be
construed to apply to the ordinary and necessary expenses authorized by the general
laws of the state and provided further that any city may own, purchase, construct,
extend, or equip, within and without the corporate limits of such city, off street
parking facilities, public recreation facilities, and air navigation facilities, and for
the purpose of paying the cost thereof may, without regard to any limitation herein
imposed, with the assent of two[-]thirds (2/3) of the qualified electors voting at an
election to be held for that purpose, issue revenue bonds therefore, the principal and
interest of which to be paid solely from revenue derived from rates and charges for
the use of, and the service rendered by, such facilities as may be prescribed by law,
and provided further, that any city or other political subdivision of the state may
own, purchase, construct, extend, or equip, within and without the corporate limits
of such city or political subdivision, water system, sewage collection systems, water
treatment plants, sewage treatment plants, and may rehabilitate existing electrical
generating facilities, and for the purpose of paying the cost thereof, may, without
regard to any limitation herein imposed, with the assent of a majority of the
qualified electors voting at an election to be held for that purpose, issue revenue
bonds therefore, the principal and interest of which to be paid solely from revenue
derived from rates and charges for the use of, and the service rendered by such
systems, plants and facilities, as may be prescribed by law; and provided further that
any port district, for the purpose of carrying into effect all or any of the powers
now or hereafter granted to port districts by the laws of this state, may contract
indebtedness and issue revenue bonds evidencing such indebtedness, without the
necessity of the voters of the port district authorizing the same, such revenue bonds
to be payable solely from all or such part of the revenues of the port district derived
from any source whatsoever excepting only those revenues derived from ad valorem
taxes, as the port commission thereof may determine, and such revenue bonds not to
be in any manner or to any extent a general obligation of the port district issuing the
same, nor a charge upon the ad valorem tax revenue of such port district.
Structure Idaho constitution