Section 50-2801 – DEFINITIONS.
50-2801. DEFINITIONS. As used in sections 50-2801 through 50-2805, Idaho Code: (1) "Bond" means any obligation for which an allocation of the volume cap is required by the code. (2) "Certificates" mean mortgage credit certificates described in section 25 of the code. (3) "Code" means the Internal Revenue Code of 1986, as amended, and any […]
Section 50-2709 – REPORTING AND ASSISTANCE.
50-2709. REPORTING AND ASSISTANCE. (1) Within ten (10) days after the issuance of any revenue bonds, each public corporation shall record the following and any additional information with the department of finance, bureau of securities: (a) The name of the issuer; (b) The proposed amount of the bonds; (c) A short description of the facilities […]
Section 50-2802 – FINDING AND DECLARATION OF NECESSITY.
50-2802. FINDING AND DECLARATION OF NECESSITY. The legislature hereby finds and declares that the Tax Reform Act of 1986 imposes an annual state ceiling on the amount of bonds or certificates that may be issued, the interest on which is excludable from gross income for purposes of federal income taxation; that section 146(e)(1) of the […]
Section 50-2710 – REVENUE BONDS — PROVISIONS.
50-2710. REVENUE BONDS — PROVISIONS. (1) The principal of and the interest on any revenue bonds issued by a public corporation shall be payable solely from the funds provided for this payment from the revenues of the industrial development facilities funded by the revenue bonds. Each issue of revenue bonds shall be dated, shall bear […]
Section 50-2711 – INVESTMENT OF FUNDS.
50-2711. INVESTMENT OF FUNDS. An issuer issuing revenue bonds hereunder shall not commingle any funds received from the sale thereof with any other funds in its possession or under its control but may invest any such funds in the manner and in such obligations as shall be provided for in the bond indenture pursuant to […]
Section 50-2712 – REVENUE BONDS — REFUNDING.
50-2712. REVENUE BONDS — REFUNDING. Each public corporation may provide by resolution for the issuance of revenue refunding bonds for the purpose of refunding any revenue bonds issued for an industrial development facility under this chapter, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of […]
Section 50-2713 – TRUST AGREEMENTS.
50-2713. TRUST AGREEMENTS. Any bonds issued under this chapter may be secured by a trust agreement between the public corporation and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. The trust agreement may evidence a pledge or assignment of the […]
Section 50-2714 – COMMINGLING OF BOND PROCEEDS OR REVENUES WITH MUNICIPAL FUNDS PROHIBITED.
50-2714. COMMINGLING OF BOND PROCEEDS OR REVENUES WITH MUNICIPAL FUNDS PROHIBITED. No part of the proceeds received from the sale of any revenue bonds under this chapter, of any revenues derived from any industrial development facility required or held under this chapter, or of any interest realized on moneys received under this chapter may be […]
Section 50-2715 – SUBLEASES AND ASSIGNMENT.
50-2715. SUBLEASES AND ASSIGNMENT. A lessee or contracting party under a sale contract or loan agreement shall not be required to be the eventual user of an industrial development facility if any sublessee or assignee assumes all of the obligations of the lessee or contracting party under the lease, sale contract, or loan agreement, but […]
Section 50-2716 – DETERMINATION OF RENT.
50-2716. DETERMINATION OF RENT. Before entering into a lease, sale contract or loan agreement with respect to any industrial development facility, the public corporation shall determine that there are sufficient revenues to pay: (a) The principal of and the interest on the revenue bonds proposed to be issued to finance the industrial development facility; (b) […]