Terms Used In Idaho Code 43-1809

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
After authorization of indebtedness shall have been made by the voters, evidenced by an election as provided in section 43-401[, Idaho Code], the board of directors may enter into a contract or obligation with the United States as provided in this chapter and issue or not issue bonds, depending on whether bonds shall be deposited with said contract; or the board of directors may issue bonds for a portion of the amount of indebtedness authorized by said bond election and enter into any obligation or contract with the United States as aforesaid to the extent of the remainder of said amount.