Idaho § 50-1026 - City bonds - Ordinance - Election

§ 50-1026. City bonds - Ordinance - Election

Whenever the city council of a city shall deem it advisable to issue the coupon bonds of such city, the mayor and council shall provide therefor by ordinance, which shall specify and set forth all the purposes, objects, matters and things required by section 57-203 , Idaho Code, and make provision for the collection of an annual tax sufficient to pay the interest on such proposed bonds 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 as required by the constitution and laws of the state of Idaho.

The ordinance shall also provide the date for holding an election that is in accordance with the dates authorized in section 50-405 , Idaho Code, which falls more than forty-five (45) days after the clerk of the political subdivision orders that such election shall be held. Notice shall be given in the official newspaper of the city by the county clerk in accordance with election law in title 34 , Idaho Code. Such election shall be conducted as other city elections. The voting at such elections must be by ballot, and the ballot used shall be substantially as follows: "In favor of issuing bonds to the amount of…. dollars for the purpose stated in Ordinance No…..," and "Against issuing bonds to the amount of…. dollars for the purpose stated in Ordinance No……" If at such election, held as provided in this chapter, two-thirds (2/3) of the qualified electors voting at such election assent to the issuing of such bonds and the incurring of the indebtedness thereby created for the purpose aforesaid, such bonds shall be issued in the manner provided by the laws of the state of Idaho.

[50-1026, added 1967, ch. 429, sec. 186, p. 1249; am. 1971, ch. 25, sec. 7, p. 61; am. 2009, ch. 341, sec. 127, p. 1057; am. 2011, ch. 11, sec. 25, p. 37.]