The election of an irrigation district to cancel delinquent taxes in favor of the irrigation district and accept in lieu thereof title to the water right for the payment of which said taxes were levied, shall in nowise impair outstanding bonds or obligations of the irrigation district, and upon such an election by an irrigation district as herein provided, the board of directors shall:
1.  Either set aside in a sinking fund with the state treasurer as the acting treasurer of the irrigation district an amount sufficient to pay the unpaid balance of the taxes to be levied upon the land for which the water right was purchased, based upon the assessments of benefits as confirmed by the court in the proceedings confirming the sale of bonds of said irrigation district;

Terms Used In Idaho Code 43-805

  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
2.  Or shall provide an equivalent assessment of benefits against other lands of equal value.