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ID H0489
Bill
AI Summary
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Amends Section 50-1722, Idaho Code to require voter approval for bonds, registered warrants, or interim warrants of $250,000 or more issued by local improvement districts created by city council resolution.
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Approval requires either 60% of resident owners of taxable property within the district or 2/3 of all owners of taxable property subject to assessment within the district to vote in favor at an election held on May or November dates.
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Makes technical corrections to existing language regarding bond issuance procedures, interest rates, maturity periods, and warrant provisions for local improvement districts.
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Declares an emergency and applies the act to all issuance or reissuance of bonds, registered warrants, or interim warrants of $1 million or more by local improvement districts after the effective date.
Legislative Description
Amends existing law to provide when a local improvement district is created by resolution of the city council that no bonds, registered warrants or interim warrants in an amount of $250,000 or more may be issued unless such issuance is approved, either by not less than sixty percent or more of the resident owners of taxable property within the district or two-thirds of the owners of taxable property subject to assessment within such local improvement district voting on the question at an election called for that purpose.
LOCAL IMPROVEMENT DISTRICTS
Last Action
to Rev/Tax
2/9/2010