Idaho State Statutes - Idaho Attorney Directory

DEFINITIONS -- BONDS -- LIMITATION ON AMOUNT -- ELECTIONS TO
AUTHORIZE ISSUANCE. For the purposes of this chapter the following definitions
shall have the meanings specified: "Market value for assessment purposes"
means the amount of the last preceding equalized assessment of all taxable
property within the school district on the tax rolls completed and available
as of the date of approval by the electorate in the school bond election.
"Aggregate outstanding indebtedness" means the total sum of unredeemed
outstanding bonds, minus all moneys in the bond interest and redemption fund
or funds accumulated for the redemption of such outstanding bonds, and minus
the sum of all taxes levied for the redemption of such bonds, with the
exception of that portion of such tax levies required for the payment of
interest on bonds, which taxes remain uncollected. "Issue," "issued," or
"issuance" means a formal delivery of bonds to any purchaser thereof and
payment therefor to the school district.
The board of trustees of any school district, upon approval of a majority
thereof, may submit to the qualified school district electors of the district
the question as to whether the board shall be empowered to issue negotiable
coupon bonds of the district in an amount and for a period of time to be named
in the notice of election.
An elementary school district which employs not less than six (6)
teachers, or a school district operating an elementary school or schools, and
a secondary school or schools, or issuing bonds for the acquisition of a
secondary school or schools, may issue bonds in an amount not to exceed five
percent (5%) of the market value for assessment purposes thereof, less the
aggregate outstanding indebtedness; and no other school district shall issue
bonds in an amount to exceed at any time two percent (2%) of the market value
for assessment purposes thereof less the aggregate outstanding indebtedness.
The market value for assessment purposes, the aggregate outstanding
indebtedness and the unexhausted debt-incurring power of the district shall
each be determined as of the date of approval by the electors in the school
bond election.
Notice of the bond election shall be given, the election shall be
conducted and the returns thereof canvassed, and the qualifications of
electors voting or offering to vote shall be, as provided in sections 33-401
through 33-406, Idaho Code.
The question shall be approved only if the percentage of votes cast at
such election were cast in favor thereof is that which now, or may hereafter
be, set by the constitution of the state of Idaho. Upon such approval of the
issuance of bonds, the same may be issued at any time after the date of such
election.

Click here to visit the Official Idaho State Statutes