Idaho State Statutes - Idaho Attorney Directory

Once bonds are issued as provided
herein, any funds paid as installment payments of assessments pledged to the
payment of such bonds shall be kept in a fund known as the bond fund of the
local improvement district and any funds paid as interest on said installment
payments of assessments shall be kept in a fund known as the interest fund of
the local improvement district. The funds shall be deposited in such bank or
banks as are designated as depositors of public moneys of such irrigation
districts under the laws of this state, or invested in bonds or warrants of
the district. Interest received on such funds so deposited or invested shall
be placed to the credit of the fund from which it is earned. Maturing bonds
shall be paid from the bond fund and the interest on the bonds, when due,
shall be paid from the interest fund. If there is sufficient money in the bond
fund to pay the principal of one (1) or more bonds, the treasurer may call in
and pay such bonds as of the next interest payment date in such manner as may
be provided by the board at the time of the issuance of the bonds. The bonds
to be called shall be selected by lot and shall, in the event less than all of
the outstanding bonds are to be redeemed, insofar as can be done taking into
consideration the denominations of the outstanding bonds, represent an equal
amount of bonds from each maturity outstanding at the time of the redemption.

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