50-2701. FINDING AND DECLARATION OF NECESSITY. The legislature hereby finds and declares that this state urgently needs to promote higher employment; encourage the development of new jobs; maintain and supplement the capital investments in industry that currently exist in this state; encourage future employment by ensuring future capital investment; attract environmentally sound industry to the […]
50-2702. DEFINITIONS. As used in this chapter, the following terms have the meanings indicated unless the context clearly requires otherwise. (1) "Board of directors" means the board of directors of a public corporation. (2) "Construction" or "construct" means construction and acquisition, whether by devise, purchase, gift, lease or otherwise. (3) "Facilities" mean[s] land, rights in […]
50-2703. PUBLIC CORPORATIONS — CREATION, DISSOLUTION. (1) For the purpose of facilitating economic development and employment opportunities in the state of Idaho through the financing of the project costs of industrial development facilities, a municipality may enact an ordinance creating a public corporation for the purposes authorized in this chapter. The ordinance creating the public […]
50-2704. BOARD OF DIRECTORS OF A PUBLIC CORPORATION. The ordinance creating a public corporation shall include provisions establishing a board of directors to govern the affairs of the corporation, what constitutes a quorum of the board of directors, and how the corporation shall conduct its affairs. The board of directors will consist of no less […]
50-2705. PUBLIC CORPORATIONS — DIRECTORS. It shall be illegal for a director, officer, agent or employee of a corporation to have, directly or indirectly, any financial interest in any property to be included in or any contract for property, services or materials to be furnished or used in connection with any industrial development facility financed […]
50-2706. PUBLIC CORPORATIONS — LIMITATIONS. No municipality may give or lend any money or property in aid of a public corporation chartered under the provisions of this chapter; provided, however, that a municipality may accept grants from the United States government or any agency thereof and apply grants in connection with industrial development facilities. The […]
50-2707. PUBLIC CORPORATIONS — AUDIT BY STATE. The finances of any public corporation are subject to examination by the legislative council. History: [50-2707, added 1982, ch. 119, sec. 1, p. 330; am. 1993, ch. 327, sec. 24, p. 1217.]
50-2708. PUBLIC CORPORATIONS — POWERS. (1) A public corporation created under this chapter has the following powers with respect to industrial development facilities together with all powers incidental thereto or necessary for the performance thereof: (a) To locate, construct and maintain one or more industrial development facilities; (b) To lease to a lessee all or […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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) […]
50-2717. PROCEEDINGS IN THE EVENT OF DEFAULT. The proceedings authorizing any revenue bonds under this chapter or any financing document securing the revenue bonds may provide that if there is a default in the payment of the principal of or the interest on the bonds or in the performance of any agreement contained in the […]
50-2718. PUBLICATION OF PROCEEDINGS — CONTEST PERIOD. The resolution authorizing the issuance of any revenue bonds hereunder and the execution of an indenture as security therefor shall be published one (1) time in a newspaper of general circulation in the municipality. Any such indenture, or other instrument authorized in such resolution to be executed, may […]
50-2719. TAX EXEMPTION. Any bonds issued under the provisions of this chapter, their transfer, and income therefrom, including any interest paid or payable thereon and profit made on the sale thereof, shall be exempt at all times from all taxation in the state of Idaho. History: [50-2719, added 1982, ch. 119, sec. 1, p. 336.]
50-2720. TAXATION. During any period that property acquired pursuant to this act is leased by a municipality or public corporation as a lessor, or title thereto is retained by a municipalaity [municipality] or public corporation under an installment purchase contract, taxes shall be payable to the same extent as if it were owned by such […]
