43-2548 SUBROGATION OF DISTRICT TO RIGHTS OF PAYEE -- SURPLUS FUNDS -- PAYMENT INTO FUND -- PREFERENCES. - Idaho Statutes

TITLE 43

IRRIGATION DISTRICTS

CHAPTER 25

LOCAL IMPROVEMENT DISTRICTS

43-2548. Subrogation of district to rights of payee -- Surplus funds -- Payment into fund -- Preferences. Whenever there shall be paid out of the local improvement guarantee fund, any sum on account of principal or interest of a local improvement bond or warrant, the district, as trustee for the fund, shall be subrogated to all the rights of the holder of the bond or interest coupon or warrant so paid, and the policies thereof, or the assessment underlying the same, shall become part of the guarantee fund. There shall be paid into the guarantee fund any surplus remaining in any local improvement fund after the payment of all outstanding bonds or warrants, payable out of such local improvement fund. Bonds or warrants guaranteed by such fund shall have no preference except in the order of presentation for payment.