Section 67-8901 – SHORT TITLE.
67-8901. SHORT TITLE. This act may be referred to and cited as the "Idaho Energy Resources Authority Act." History: [67-8901, added 2005, ch. 53, sec. 1, p. 192.]
Section 67-8902 – DECLARATION OF NECESSITY AND PURPOSE.
67-8902. DECLARATION OF NECESSITY AND PURPOSE. (1) It is hereby determined and declared that: (a) Industrial, irrigation, commercial and residential consumers in the state of Idaho receive electric service from various investor-owned, cooperative and municipal utilities and the ability of these utilities to provide reliable and economic electric services at stable prices is essential to […]
Section 67-8903 – DEFINITIONS.
67-8903. DEFINITIONS. When used in this chapter, the following terms shall have the following meanings: (1) "Authority" means the Idaho energy resources authority created pursuant to section 67-8904, Idaho Code. (2) "Board" means the board of directors of the authority. (3) "Bonds" means any bonds, notes, certificates or other obligations or evidences of indebtedness issued […]
Section 67-8904 – CREATION OF IDAHO ENERGY RESOURCES AUTHORITY.
67-8904. CREATION OF IDAHO ENERGY RESOURCES AUTHORITY. There is hereby created and established an independent public body politic and corporate to be known as the "Idaho Energy Resources Authority." The authority is a public instrumentality of the state and its exercise of the powers conferred by this chapter is and shall be deemed to be […]
Section 67-8905 – DIRECTORS — TERMS OF OFFICE — APPOINTMENT — FILLING VACANCIES AND REMOVAL.
67-8905. DIRECTORS — TERMS OF OFFICE — APPOINTMENT — FILLING VACANCIES AND REMOVAL. (1) The powers of the authority shall be vested in a board of seven (7) directors to be appointed by the governor and confirmed by the senate. (2) In making appointments, the governor shall endeavor to appoint individuals with direct professional experience […]
Section 67-8906 – QUORUM — MODE OF ACTION — COMPENSATION.
67-8906. QUORUM — MODE OF ACTION — COMPENSATION. (1) Four (4) directors of the authority shall constitute a quorum for the purpose of conducting business and exercising its powers. (2) Action may be taken by the authority upon the affirmative vote of at least four (4) directors. No vacancy on the board shall impair the […]
Section 67-8907 – ORGANIZATIONAL MEETING — CHAIRMAN — SECRETARY AND TREASURER — EXECUTIVE DIRECTOR — DELEGATION OF POWER — SURETY BOND AND CONFLICT OF INTEREST.
67-8907. ORGANIZATIONAL MEETING — CHAIRMAN — SECRETARY AND TREASURER — EXECUTIVE DIRECTOR — DELEGATION OF POWER — SURETY BOND AND CONFLICT OF INTEREST. (1) A director designated by the governor shall call and convene the initial organizational meeting of the authority and shall serve as its chairman pro tempore. At such meeting, appropriate bylaws shall […]
Section 67-8908 – POWERS.
67-8908. POWERS. (1) The authority shall have the following powers, which are hereby declared to be necessary to enable the authority to carry out and effectuate the purposes and provisions of this chapter, together with all powers incidental thereto or necessary for the performance thereof: (a) To have perpetual succession as a body politic and […]
Section 67-8909 – DEVELOPMENT, ACQUISITION AND CONSTRUCTION OF FACILITIES.
67-8909. DEVELOPMENT, ACQUISITION AND CONSTRUCTION OF FACILITIES. (1) The authority will endeavor to achieve efficiencies and economies of scale by pursuing the development of facilities with multiple participating utilities on a joint and cooperative basis and shall, to the fullest extent practicable, offer all potential participating utilities the opportunity to participate in the development of […]
Section 67-8910 – MANAGEMENT AND OPERATION OF FACILITIES.
67-8910. MANAGEMENT AND OPERATION OF FACILITIES. The authority shall cause any facilities undertaken by it to be managed and operated on its behalf by one (1) or more qualified participating utilities, or if no participating utility is qualified, willing or able to manage and operate such facility, by the authority or by an agent so […]
Section 67-8911 – SALE OF ELECTRICITY, PRODUCT OR SERVICE FROM FACILITIES — CHARGES.
67-8911. SALE OF ELECTRICITY, PRODUCT OR SERVICE FROM FACILITIES — CHARGES. (1) The authority shall operate on a not-for-profit basis and shall sell the electricity, product or service provided by its facilities to participating utilities at cost, as provided in subsections (2) and (3) of this section. The authority shall contract with one (1) or […]
Section 67-8912 – COST RECOVERY AND RATE STABILIZATION CHARGES OF PARTICIPATING UTILITIES.
67-8912. COST RECOVERY AND RATE STABILIZATION CHARGES OF PARTICIPATING UTILITIES. (1) A participating utility contracting with the authority for the electricity, service or product provided by a facility may establish one (1) or more rate stabilization charges, cost recovery charges or power cost adjustment charges as it deems necessary to provide for the payment of […]
Section 67-8913 – COOPERATION WITH OTHER AGENCIES AND SUBDIVISIONS.
67-8913. COOPERATION WITH OTHER AGENCIES AND SUBDIVISIONS. The authority may enter into agreements with any other state body or agency, any other political subdivision of the state and any other public agency, as defined in section 67-2327, Idaho Code, for the joint exercise of powers and the authority and all other public agencies may join […]
Section 67-8914 – EXEMPTION FROM INCOME TAXATION.
67-8914. EXEMPTION FROM INCOME TAXATION. All bonds issued by the authority and the interest thereon and all revenues, fees, charges, gifts, grants, receipts and other moneys of the authority pledged to the payment of its bonds shall at all times be free from the taxes imposed under the Idaho income tax act. History: [67-8914, added […]
Section 67-8915 – ISSUANCE OF BONDS TO FINANCE FACILITIES.
67-8915. ISSUANCE OF BONDS TO FINANCE FACILITIES. (1) The authority shall have power and is hereby authorized to issue, from time to time, its bonds in such principal amount as it shall determine to be necessary to provide sufficient funds to pay, finance or refinance the cost of any facility, and all other expenditures of […]
Section 67-8916 – REFUNDING BONDS.
67-8916. REFUNDING BONDS. (1) The authority may provide for the issuance of refunding bonds for the purpose of refunding any bonds then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premium thereon, any interest accrued or to accrue to the date of redemption of such bonds […]
Section 67-8917 – PAYMENT OF BONDS — NONLIABILITY OF STATE.
67-8917. PAYMENT OF BONDS — NONLIABILITY OF STATE. (1) Bonds issued by the authority shall not constitute or become an indebtedness, or a debt or liability of the state or any agency or subdivision of the state and neither the state nor any of its agencies or subdivisions shall be liable on such bonds nor […]
Section 67-8918 – STATE’S PLEDGE.
67-8918. STATE’S PLEDGE. (1) The state pledges to and agrees with the holders of any bonds issued under this chapter, and with those parties who may enter into contracts with the authority pursuant to the provisions of this chapter, that the state will not limit, alter, restrict or impair the rights hereby vested in the […]
Section 67-8919 – FEES.
67-8919. FEES. All expenses of the authority incurred in carrying out the provisions of this chapter shall be payable solely from funds provided under the authority of this chapter by participating utilities to the authority in the form of application fees, annual service, loan or administrative fees and other negotiated fees as between the authority […]
Section 67-8920 – EXEMPTION OF REAL PROPERTY OF AUTHORITY FROM LEVY AND SALE BY EXECUTION.
67-8920. EXEMPTION OF REAL PROPERTY OF AUTHORITY FROM LEVY AND SALE BY EXECUTION. All real property of the authority shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same nor shall any judgment against the authority be a charge or lien […]