43-2101. BANKRUPT DISTRICTS — FINANCIAL STATEMENT — CONTENTS. Whenever any irrigation district, drainage district or highway district, organized under the laws of the state of Idaho, shall have made default in the payment of either principal or interest on any of its outstanding bonds, and if the board of directors of such district believes that […]
43-2102. CERTIFIED COPIES OF FINANCIAL STATEMENT — FILING. Three (3) copies, duly certified, of the report so prepared shall be filed with the secretary of the district, one (1) of which shall be available for examination at the office of the secretary by all creditors of the district, and copies thereof shall be furnished to […]
43-2103. REHABILITATING OR REFINANCING PLANS. The board of directors shall thereupon formulate a plan for rehabilitating the financial condition of the district and for refinancing or retiring the indebtedness of the district, which plan may include: (a) The scaling down of any one or more of the various kinds or classes of indebtedness outstanding, whether […]
43-2104. APPROVAL OF REHABILITATION PLAN BY CREDITORS. The plan so approved by the board of directors shall thereupon be submitted to the known creditors of the district directly affected thereby, in such manner as to the board may seem appropriate and practical under the circumstances. The approval of such plan by creditors shall be in […]
43-2105. MAJORITY OF CREDITORS CONSENTING — NONCONSENTING CREDITORS — CONSTRUCTIVE CONSENT PROCEEDINGS. If the written consent of all creditors directly affected by the proposed plan is not obtained within the time specified in the plan for the approval thereof by the creditors, but if a majority in amount of each class of creditors has approved […]
43-2106. NATURE OF PROCEEDINGS. Said proceeding shall be in the nature of a proceeding in rem in which the district shall be plaintiff, and all holders of bonds, coupons and warrants, and other creditors of the district, without naming them, shall be defendants, except holders of securities and creditors not directly affected by said plan […]
43-2107. PUBLICATION OF NOTICE — CONTENTS. The petition may be presented to the district court or the judge thereof, at chambers, and if it satisfactorily appears from said petition that the proceedings had and taken by the district have been substantially in accordance with the requirements of this act, the court or judge shall direct […]
43-2108. PROOF OF PUBLICATION — DEFAULT OF NONDISSENTING CREDITORS — NOTICE OF HEARING TO DISSENTING CREDITORS. Proof of publication of said notices by affidavit of the publishers shall be filed with the clerk, and upon the expiration of ninety (90) days from the date of the first publication of said notice the default of all […]
43-2109. HEARING — PROCEDURE — CREDITORS — PROOF OF OWNERSHIP OF BONDS. At the hearing of the cause the court shall examine and consider all proceedings had and taken by the district, the financial condition of the district as shown by the report of the certified public accountant, and the proposed plan of settlement, and […]
43-2110. APPROVAL OF PLAN BY COURT — RIGHTS OF DISSENTING CREDITORS. If, in the opinion of the court, the proceedings had and taken by the district are substantially in accordance with the provisions of this act, and the proposed plan of settlement is just and fair to the district and the creditors thereof, the court […]
43-2111. HARMLESS ERROR — APPEALS. The court in all proceedings under this act shall disregard any error, irregularity or omission which does not substantially affect the rights of the parties. The district, and all parties filing objections to or who dissent from such plan, may appeal to the Supreme Court from any adverse decision within […]
43-2112. METHOD OF RAISING FUNDS OR ISSUING FUNDS OR OTHER SECURITIES. Any funds, bonds or other securities which the district, under the plan of settlement, proposes to pay or deliver in satisfaction of any outstanding indebtedness, however evidenced, shall be raised, authorized and issued in the manner provided by the laws of the state of […]
