2023 Idaho Code › Title 33 - EDUCATION › Chapter 27 - PUBLIC LIBRARY DISTRICTS › Section 33-2724 - TAXES FOR THE SUPPORT OF LIBRARY DISTRICT — TAX ANTICIPATION LOANS — CARRY OVER AUTHORITY — CAPITAL ASSETS REPLACEMENT AND REPAIR FUND.

33-2724. TAXES FOR THE SUPPORT OF LIBRARY DISTRICT — TAX ANTICIPATION LOANS — CARRY OVER AUTHORITY — CAPITAL ASSETS REPLACEMENT AND REPAIR FUND. (1) Any tax levied for library district purposes shall be a lien upon the property against which the tax is levied. The board of trustees shall determine and levy a tax upon each dollar of assessed valuation of property within the district for the ensuing fiscal year as shall be required to satisfy all maturing bond, bond interest, and judgment obligations. For the maintenance and operation of the library district, the board of trustees may also levy upon the taxable property within the district a tax not to exceed six hundredths percent (.06%) of market value for assessment purposes. These levies shall be certified to the board of county commissioners of each county in which the district may lie, not later than the second Monday in September of each year.
(2) In the first year after establishment, the board of a district may, for the purpose of organization and to finance general preliminary expenses of the district and before making a tax levy, incur an indebtedness not exceeding in the aggregate a sum equal to six hundredths percent (.06%) on each one dollar ($1.00) of market value for assessment purposes of all taxable property within the district. To repay the organization indebtedness incurred, the board shall have authority to levy and collect an additional tax not to exceed two hundredths percent (.02%) per annum on each one dollar ($1.00) of market value for assessment purposes of all taxable property within the district. This additional levy shall not be used for any purpose other than repayment of the organizational indebtedness and interest thereon. This additional levy may be imposed for three (3) years.
(3) Library districts may accumulate fund balances at the end of a fiscal year and carry over these fund balances into the ensuing fiscal year, sufficient to achieve or maintain library district operations on a cash basis. A fund balance is the excess of the assets of a fund over its liabilities and reserves.
(4) The board of trustees of a library district may establish a capital assets replacement and repair fund within the library district budget for which district moneys may be budgeted and carried over from year to year. Disbursements from the fund may be made as the board may determine to maintain, repair, or replace the capital assets of the district to remodel or repair any existing library building; to furnish and equip any existing library building; and to purchase or replace major appliances and vehicles necessary to maintain and operate the services of the district. Moneys from the capital assets replacement and repair fund may not be used for the purchase of land or to build new library facilities or to build additions to current library facilities. Moneys in the fund may be invested in the manner provided in section 57-127, Idaho Code. In any year in which there is a capital assets replacement and repair fund in a library district, the amount held in the fund shall be reported in the library district’s budget hearing announcement, along with a list of capital items which may eventually be replaced or repaired with moneys from the fund. The fund shall be included in the annual report filed with the board of library commissioners and in the audit required in section 33-2726, Idaho Code.
History:
[(33-2724) 33-2714, added 1963, ch. 188, sec. 14, p. 568; am. 1965, ch. 255, sec. 6, p. 648; am. 1974, ch. 141, sec. 1, p. 1355; am. and redesignated 1989, ch. 132, sec. 19, p. 296; am. 1990, ch. 378, sec. 10, p. 1052; am. 1995, ch. 119, sec. 11, p. 519; am. 1996, ch. 71, sec. 26, p. 232; am. 2002, ch. 155, sec. 1, p. 450; am. 2006, ch. 235, sec. 28, p. 716.]