Idaho Code 50-2619 – Disestablishment of District — Assets and Liabilities
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 50-2619
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Legislative authority: means the legislative authority of any city. See Idaho Code 50-2602
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes both real and personal property. See Idaho Code 73-114
Upon disestablishment of a district, any proceeds of the special assessments, or assets acquired with such proceeds, or liabilities incurred as a result of the formation of such district, shall be subject to disposition as the legislative authority shall determine; provided, however, any liabilities, either current or future, incurred as a result of action taken to accomplish the purposes of section 50-2601, Idaho Code, shall not be an obligation of the general fund or any special fund of the city, but such liabilities shall be provided for entirely from available revenue generated from the projects or facilities authorized by section 50-2601, Idaho Code, or from special assessments on the property specially benefited within the district.