Idaho § 50-1725 REISSUE OF BONDS

Idaho Statutes

§ 50-1725 — REISSUE OF BONDS

Idaho·Title 50 MUNICIPAL CORPORATIONS·Ch. 17 LOCAL IMPROVEMENT DISTRICT CODE — GUARANTEE FUND

Where any bonds issued under this code are declared invalid or void by order or decree of court, which may be legally reissued, the council of such municipality shall, by ordinance, provide for the reissuance thereof at the same rate of interest and in such amount as will cover the principal and interest due on said bonds, and the ordinance providing for such reissue shall provide for the surrender and cancellation of such bonds upon which there has been a default or which have been declared invalid or void and the lien created by the levy of such assessment or assessments as herein provided shall not be deemed to have been lost or waived by such reissue but shall remain in full force and effect.

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Where any bonds issued under this code are declared invalid or void by order or decree of court, which may be legally reissued, the council of such municipality shall, by ordinance, provide for the reissuance thereof at the same rate of interest and in such amount as will cover the principal and interest due on said bonds, and the ordinance providing for such reissue shall provide for the surrender and cancellation of such bonds upon which there has been a default or which have been declared invalid or void and the lien created by the levy of such assessment or assessments as herein provided shall not be deemed to have been lost or waived by such reissue but shall remain in full force and effect.

Idaho § 50-1725 (REISSUE OF BONDS) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.