Idaho State Statutes - Idaho Attorney Directory

Any
municipal corporation, including chartered municipal corporations, may by
general ordinance of appropriation or by levy of a tax of not to exceed two
hundredths percent (.02%) of the market value for assessment purposes on all
taxable property within the municipal corporation in any one (1) year, or by
appropriation from such other sources as may be determined by the council,
create a fund for the purpose of guaranteeing to the extent of such fund, the
payment of bonds or warrants and interest thereon, hereafter issued against
any local improvements therein; provided, that such sum so levied or
appropriated in any year shall be more than sufficient to pay the outstanding
warrants of said fund and to establish therein a balance, which combined levy
and appropriation in any one (1) year shall not exceed five percent (5%) of
the outstanding obligations thereby guaranteed; provided, further, that the
council shall not levy any tax as herein provided when the amount of moneys in
the "Local Improvement Guarantee Fund" equals ten percent (10%) of the total
outstanding obligations thereby guaranteed. The tax levies herein authorized
and directed shall be additional to and, if need be, in excess of any and all
statutory and charter limitations. The fund so created shall be designated
"Local Improvement Guarantee Fund."

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