42-4216. POWER TO INCUR INDEBTEDNESS — ASSESSMENTS TO SECURE REPAYMENT. In order to secure funds for the construction of diversion works and facilities of the district, or the construction of any capital improvements thereto, the board of directors may, by resolution duly adopted and entered upon the minutes, incur indebtedness by contract with a money-lending institution; provided, however, that the term of such indebtedness shall not exceed ten (10) years. To secure the repayment of any indebtedness so incurred, the board shall levy assessments over the term of the indebtedness in amounts sufficient to repay the interest and principal as it falls due. Such assessments shall be levied in the manner and shall be subject to the limitations set forth in section 42-4215, Idaho Code.
History:
[42-4216, added 1978, ch. 293, sec. 1, p. 734.]