§ 42-4113 — LIEN OF BONDS

Idaho § 42-4113

• Jurisdiction: Idaho
• Title 42: IRRIGATION AND DRAINAGE — WATER RIGHTS AND RECLAMATION
• Ch. 41: WATER AND SEWER DISTRICT REVENUE BONDS

Text

All bonds of the same issue shall, subject to the prior and superior rights of outstanding bonds, claims or obligations, have prior and paramount lien on the revenue of the works for which said bonds have been issued, except that where provision is made in the resolution authorizing any issue or series of bonds for the issuance of additional bonds in the future on a parity therewith pursuant to procedures or restrictions provided in such resolution, additional bonds may be issued in the future on a parity with such issue or series in the manner so provided in such resolution. All bonds of the same issue shall be equally and ratably secured without priority by reason of number, date of bonds, date of sale, date of execution, or date of delivery, by a lien on said revenue in accordance with the provisions of the water and sewer revenue bond act and the resolution authorizing said bonds.

Legislative History

[42-4113, added 1976, ch. 62, sec. 1, p. 219.]