The board of directors, or other officers of the district, shall have no power to incur any debt or liability whatever, either by issuing bonds or otherwise, in excess of the express provisions of this section; and any debt or liability incurred in excess of such express provisions shall be and remain absolutely void: provided, that for the purpose of organization, or for any of the purposes of this title, the board of directors may, before the collection of the first assessment, incur indebtedness and cause warrants of the district to issue therefor according to the following limitations: Districts embracing fifty thousand (50,000) acres, or more, of irrigable land, not in excess of fifteen thousand dollars ($15,000) of warrants; districts embracing forty thousand (40,000) acres, or more,
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The board of directors, or other officers of the district, shall have no power to incur any debt or liability whatever, either by issuing bonds or otherwise, in excess of the express provisions of this section; and any debt or liability incurred in excess of such express provisions shall be and remain absolutely void: provided, that for the purpose of organization, or for any of the purposes of this title, the board of directors may, before the collection of the first assessment, incur indebtedness and cause warrants of the district to issue therefor according to the following limitations: Districts embracing fifty thousand (50,000) acres, or more, of irrigable land, not in excess of fifteen thousand dollars ($15,000) of warrants; districts embracing forty thousand (40,000) acres, or more, and less than fifty thousand (50,000) acres of irrigable land, up to twelve thousand dollars ($12,000) of warrants; districts embracing thirty thousand (30,000) acres, or more, and less than forty thousand (40,000) acres of irrigable land, up to nine thousand dollars ($9,000) of warrants; districts embracing twenty thousand (20,000) acres, or more, and less than thirty thousand (30,000) acres of irrigable land, up to six thousand dollars ($6,000) of warrants; districts embracing ten thousand (10,000) acres, or more, and less than twenty thousand (20,000) acres of irrigable land, up to four thousand dollars ($4,000) of warrants; districts embracing more than two thousand (2,000) acres, or more, and less than ten thousand (10,000) acres of irrigable land up to three thousand dollars ($3,000) of warrants, and districts embracing less than two thousand (2,000) acres of irrigable land up to two thousand dollars ($2,000) of warrants.
Provided, further, that for the purpose of defraying the expenses in the care, operation, repair and improvement of such portion of the irrigation works of the district as are completed and in use, including salaries of officers and employees, the board of directors of an irrigation district may at any time issue warrants of such district in payment of claims of indebtedness against the district, not to exceed the district’s anticipated revenue.
The warrants herein authorized shall be in form and substance the same as county warrants or as near the same as may be practicable and shall be signed by the chairman and attested by the secretary of said board. All such warrants shall be presented by the holder thereof to the treasurer of the district for payment who shall indorse thereon the day of presentation for payment with the additional indorsement thereon, in case of nonpayment, that they are not paid for want of funds, and such warrants shall draw interest at a rate to be established by the board of directors from the date of their presentation to the treasurer for payment as aforesaid until such warrants are paid. No warrants shall be issued in payment of any indebtedness of such district for less than face or par value. It shall be the duty of the treasurer from time to time when he has sufficient funds in his hands for that purpose to advertise in some newspaper in the county in which the district is situated requiring the presentation to him for payment of as many of the outstanding warrants as he may be able to pay. Ten (10) days after the first publication of said notice by the treasurer calling in any of said outstanding warrants, said warrants shall cease to bear interest, which shall be stated in the notice. Said notice shall be published two (2) weeks consecutively and said warrants shall be called in and paid in the order of their indorsement.
Provided, further, after an irrigation district has organized and has no warrants outstanding, the district may maintain its operation on a cash basis and pay by check the expenses of operation and maintenance, repair, improvement, obligations on contractual or bonded indebtedness, and all other general necessary expenses incurred by the district.
The board of directors, or other officers of the district, may incur debt by contracting indebtedness with a money-lending institution, subject to the election requirements contained in section 43-401, Idaho Code, or as described in section 42-322A, Idaho Code, but the term of such indebtedness shall not exceed thirty (30) years.