Section 67-8701 – SHORT TITLE.
67-8701. SHORT TITLE. This chapter shall be known and may be cited as the "Idaho Bond Bank Authority Act." History: [67-8701, added 2001, ch. 130, sec. 1, p. 452.]
Section 67-8702 – DEFINITIONS.
67-8702. DEFINITIONS. As used in this chapter: (1) "Authority" or "bond bank authority" means the Idaho bond bank authority. (2) "Bonds" means bonds, notes or other obligations of the authority issued under this chapter. (3) "Municipal bond" means a bond, note or other obligation, including a loan, lease or installment sale agreement, issued or undertaken […]
Section 67-8703 – BOND BANK AUTHORITY CREATED — MEMBERSHIP — VACANCIES — OFFICERS — QUORUM — COMPENSATION.
67-8703. BOND BANK AUTHORITY CREATED — MEMBERSHIP — VACANCIES — OFFICERS — QUORUM — COMPENSATION. (1) There is hereby created an independent public body corporate and politic to be known as the Idaho bond bank authority. The authority is an instrumentality of the state within the state treasurer’s office but has a legal existence independent […]
Section 67-8704 – RETENTION OF OUTSIDE SERVICES.
67-8704. RETENTION OF OUTSIDE SERVICES. The authority may contract for and engage the services of bond counsel, consultants, experts and others whose services the authority considers necessary or appropriate. History: [67-8704, added 2001, ch. 130, sec. 1, p. 453.]
Section 67-8705 – POWERS AND DUTIES OF THE AUTHORITY.
67-8705. POWERS AND DUTIES OF THE AUTHORITY. The authority shall have the following powers and duties: (1) To sue and be sued in its own name; (2) To adopt and from time to time alter an official seal; (3) To adopt and from time to time amend or repeal rules and bylaws; (4) To accept […]
Section 67-8706 – ANNUAL REPORT.
67-8706. ANNUAL REPORT. Before January 1 of each year, the authority shall prepare and submit to the governor and the legislature a report of its activities for the preceding fiscal year. The report shall set out a complete operating and financial statement which covers its operations during the previous fiscal year, and shall include an […]
Section 67-8707 – NEGOTIABILITY OF BONDS.
67-8707. NEGOTIABILITY OF BONDS. Notwithstanding any other provision of law, a bond issued under this chapter is fully negotiable, and a holder or owner of a bond, by accepting the bond, is conclusively considered to have agreed that the bond is fully negotiable. History: [67-8707, added 2001, ch. 130, sec. 1, p. 454.]
Section 67-8708 – BONDS AS LEGAL INVESTMENTS.
67-8708. BONDS AS LEGAL INVESTMENTS. Notwithstanding any other provisions of law, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business, and all executors, administrators, guardians, […]
Section 67-8709 – TAX EXEMPTION.
67-8709. TAX EXEMPTION. All property of the authority is public property exempt from all taxes and special assessments of the state or a municipality. All bonds issued under this chapter are issued by a body corporate and politic of this state, and the bonds and the interest and income on and from the bonds and […]
Section 67-8710 – ISSUANCE OF BONDS — FORM OF ISSUANCE — SALE PRICE — PAYMENT OR REFUNDING OF BONDS — TERMS OF AGREEMENT WITH BONDHOLDER.
67-8710. ISSUANCE OF BONDS — FORM OF ISSUANCE — SALE PRICE — PAYMENT OR REFUNDING OF BONDS — TERMS OF AGREEMENT WITH BONDHOLDER. (1) The authority may issue its bonds from time to time in principal amounts that it considers necessary to provide funds for any purpose under this chapter, including, without limitations, to purchase […]
Section 67-8711 – PURCHASE AND DISPOSITION OF BONDS.
67-8711. PURCHASE AND DISPOSITION OF BONDS. The authority may purchase bonds of the authority. The authority may hold, cancel or resell the bonds subject to, and in accordance with, agreements with holders of its bonds. History: [67-8711, added 2001, ch. 130, sec. 1, p. 456.]
Section 67-8712 – PRESUMPTION OF VALIDITY.
67-8712. PRESUMPTION OF VALIDITY. After issuance, all bonds of the authority, and the purchase of all municipal bonds with the proceeds of the bonds, and any contracts entered into in connection with issuance of the bonds, shall be conclusively presumed to be fully authorized and issued under the laws of the state, and all persons, […]
Section 67-8713 – RESERVE FUND — ADDITIONAL FUNDS AND ACCOUNTS.
67-8713. RESERVE FUND — ADDITIONAL FUNDS AND ACCOUNTS. (1) There is hereby created in the state treasury a fund to be known as the "Idaho Municipal Bond Bank Authority Reserve Fund" (hereinafter referred to as "reserve fund") in which there shall be deposited or transferred: (a) All proceeds of bonds or municipal bonds or any […]
Section 67-8714 – PERSONAL LIABILITY.
67-8714. PERSONAL LIABILITY. Neither a member of the authority nor a person executing bonds issued or contracts entered into under this chapter shall be liable personally on the bonds or contracts. History: [67-8714, added 2001, ch. 130, sec. 1, p. 457.]
Section 67-8715 – EXEMPTION FROM EXECUTION AND SALE.
67-8715. EXEMPTION FROM EXECUTION AND SALE. All property of the authority is exempt from levy and sale by virtue of an execution. No execution or other judicial process may issue against the property of the authority, and a judgment against the authority may not be a charge or lien upon its property; provided however, this […]
Section 67-8716 – UNLIMITED SALES TAX RECEIPTS PLEDGE.
67-8716. UNLIMITED SALES TAX RECEIPTS PLEDGE. (1) The bond bank authority fund is hereby statutorily created in the state treasury. Moneys in the fund shall be used only as provided in this chapter. Earnings of the bond bank authority fund shall be deposited into the general fund as defined in section 67-1205, Idaho Code. (2) […]
Section 67-8717 – LIEN OF PLEDGE.
67-8717. LIEN OF PLEDGE. A pledge of sales tax revenues made by the authority is binding from the time the pledge is made. Sales tax revenues so pledged and thereafter received by the authority are immediately subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of […]
Section 67-8718 – CREDIT ENHANCEMENT OR LIQUIDITY.
67-8718. CREDIT ENHANCEMENT OR LIQUIDITY. (1) The authority may enter into agreements to obtain, from a department or agency of the United States or from a nongovernmental financial institution or other entity, insurance, guaranty or other credit enhancement or liquidity for the payment of interest or principal on, or payment of the purchase price on […]
Section 67-8719 – SURETY FOR DEPOSITS BY BANK.
67-8719. SURETY FOR DEPOSITS BY BANK. All banks, trust companies, savings banks, investment companies and other persons carrying on a banking business are authorized to give to the authority a good and sufficient undertaking with such sureties as are approved by the bank, to the effect that the bank or banking institution shall faithfully keep […]
Section 67-8720 – EXPENSES OF ADMINISTRATION.
67-8720. EXPENSES OF ADMINISTRATION. All expenses incurred in carrying out this chapter are payable either from revenues or funds appropriated under this chapter or from moneys appropriated to the state treasurer from the general fund for operating expenditures. Nothing in this chapter authorizes the authority to incur an indebtedness or a liability on behalf of […]