Terms Used In Idaho Code 50-2110

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Property: includes both real and personal property. See Idaho Code 73-114
No property in any of the cities consolidated under the provisions of sections 50-2101 through 50-2114 shall ever be taxed to pay any portion of any indebtedness of any of the other corporations contracted, or incurred prior to or existing at the time of such consolidation. The governing body of such newly consolidated corporation shall provide for the payment of the indebtedness of each of the consolidated cities therein and shall levy against the property obligated therefor at the time of the completion of such consolidation and collect the necessary taxes therefor and cause them to be paid to the persons entitled thereto.