Title 57 — PUBLIC FUNDS IN GENERAL

57-201. Title of act. This act shall be known as the "Municipal Bond Law" of the state of Idaho.

57-202. Application of act — Definitions. All bonds, including funding and refunding bonds, hereafter issued, under lawful authority, by any county, city, village or highway district of the state of Idaho, excepting local street and sewer improvement bonds issued under the provis…

57-203. Authorization of bonds. Whenever the governing board of any such corporation shall deem it advisable to issue the negotiable coupon bonds thereof for any authorized purpose, such governing board shall provide therefor by ordinance or resolution, duly passed and adopted an…

57-204. Bonds — Form and recitals. Each bond shall be numbered consecutively and shall be payable and paid to bearer, in numerical order, lowest numbers first, and shall state and recite upon the face thereof the purpose for which the same is issued, the principal amount thereof,…

57-205. Bonds — Execution and signing. Each bond shall be executed and signed in the corporate name as follows, viz: by the mayor of an issuing city; by the chairman of the board of trustees of an issuing village, and by the chairman or president of the governing board of an issu…

57-206. Bonds — Interest coupons — Form and recitals. The interest coupons which shall be attached to each such bond shall be numbered from one upwards consecutively commencing with that coupon first maturing, and all such interest coupons shall state on the face thereof the amou…

57-207. Bonds — Denomination. The denominations of each such bond shall be one thousand dollars ($1,000) or any even multiple thereof not exceeding one hundred thousand dollars ($100,000) as fixed by ordinance or resolution prior to the issuance thereof; provided, that bond numbe…

57-208. Bonds — Interest rate. All such bonds shall bear interest at a rate or rates as may be fixed by any such governing board prior to the issuance of such bonds, which interest shall be payable semiannually (or as specially provided for hereinbefore) on such dates as may be f…

57-209. Bonds and interest coupons — Where payable. Such bonds and interest coupons shall be made payable and be payable at the office of the treasurer of the issuer or at the office of the treasurer of the State of Idaho, or at some bank or trust company in the state of Idaho or…

57-210. Bonds — Maximum term. No bonds shall be issued to run for a longer term than thirty (30) years from the date of the bonds.

57-211. Bonds — Amortized maturities. The bonds of any one (1) issue shall mature and be payable upon an annual amortization plan, the first annual amortized principal payment shall mature and be payable within two (2) years from and after the date of the bonds, and the various a…

57-212. Bonds for each purpose a distinct series. All bonds authorized by the vote of the electors upon a distinct proposition submitted unto them or authorized by any governing board where no popular election is required by law and for one purpose, shall constitute a distinct se…

57-213. Bonds — Registration. After the sale of any such bonds and before the issuance by delivery to the purchaser thereof, the same shall be registered as required hereinafter, and the officer or officers making such registration shall certify the fact of such registration by h…

57-214. Sale of bonds — Procedure — Minimum price. Funding and refunding bonds shall be sold as provided in sections 57-214 through 57-218, Idaho Code, or they may be issued by way of exchange for unpaid indebtedness or outstanding bonds to be funded or refunded thereby, as may b…

57-215. Sale of bonds — Notice and request for bids — Publication. (1) If bonds are sold at public sale, notice of the intention to sell any such bonds and requesting bids therefor shall be published in the name of the governing body of any such issuer in the official newspaper t…

57-216. Sale of bonds — Contents of notice — Bids — Deposit by bidder — Acceptance or rejection of bids. A notice of public sale shall set forth the intention of the issuing corporation to sell such bonds or a specified part thereof and shall request and require sealed or electro…

57-217. Sale of bonds — Discount or commission to bidder prohibited — Employment of expert services authorized. No discount or commission shall be allowed or paid on or for any such sale to any purchaser or bidder, directly or indirectly, for or on account of any legal or other s…

57-218. Funding and refunding bonds — Issuance after application of available moneys to payment of outstanding bonds. If any governing body shall determine that the outstanding indebtedness of any such corporation may be funded or refunded, to the profit and benefit of such corpo…

57-219. Registration of bonds — Liability of treasurer. After the sale of any such bonds and before the issuance by delivery to the purchaser thereof, and before the delivery of any funding or refunding bonds which may be issued by way of exchange for any outstanding indebtedness…

57-220. Application of proceeds. The proceeds of any such bonds shall not be applied to, or used for, any purpose or purposes, other than that for which such bonds are issued, and such proceeds shall, until properly disbursed, be kept in a fund separate and apart from all proceed…

57-221. Security. The full faith and credit of the issuing corporation, and all taxable property within its limits, as constituted at the time of the issuance of such bonds, are, shall be, and must continue, pledged to the full and prompt payment of the principal and interest the…

57-222. Tax levies and sinking fund. The governing board of the issuing corporation shall levy and cause to be levied annually at the time when and in the manner in which other general taxes of such issuing corporation are levied, upon all the taxable property within its limits, …

57-223. Separability. Should any portion of this act for any reason be declared unconstitutional, invalid or ineffective, all other portions hereof which can be given effect shall remain in full force and effect notwithstanding such partial defect, it being the intent of this act…

57-224. Redemption. The treasurer of the issuing corporation, upon presentation to him for payment of any legally issued and unpaid bond or coupon, on or after the date of maturity therein specified, shall redeem the same without any further warrant or order from the governing bo…

57-225. Bonds issued under former laws. All bonds issued or authorized under the provisions of any law or laws herein amended, repealed or affected before the effective date of this act, and all proceedings relative to the same and to the redemption and payment thereof shall be g…

57-226. Effective date of act. This act shall take effect and be in force from and after the first day of July, A.D. 1927.

57-227. Issuance and sale of bonds and securities to United States government — Interest rate. Bonds and securities of all kinds heretofore or hereafter authorized, issued by any issuing corporation or district (hereinafter called the "issuer" and as hereinafter specified), wheth…

57-228. Bonds — Amortized maturities. It shall be proper to provide with respect to any bonds now required to be amortized or payable serially, that the annual maturities for the first five (5) maturities shall be of such annual principal amounts as may be fixed by any such gover…

57-229. "Issuer" defined. The issuing corporations, districts, and subdivisions hereinbefore referred to and described as "issuer," shall include any county, city, village, school district, highway district, irrigation district, drainage district, taxing district, assessment dist…

57-230. Powers of issuer. It shall be optional with any such issuer, at its discretion, to exercise all or any of the powers conferred by this act in connection with the adoption and exercise by any such issuer of the provisions and powers granted by existing law.

57-231. Issuance of bonds by the state of Idaho or political subdivisions — Variable interest rates permitted — Credit enhancement arrangements. Any other provision of law to the contrary notwithstanding, in the ordinance or resolution authorizing the issuance of any bonds, notes…

57-232. Sale of bonds — Definition of private sale. Whenever the term "private sale" appears in reference to the sale of bonds, notes or other obligations of any public entity of the state of Idaho, the term "private sale" means the sale of bonds, notes or other obligations pursu…

57-233. Sale of bonds — Electronic bidding. Whenever a public entity is authorized to sell bonds, notes or other obligations at public sale, the governing body may, in its discretion, provide for the sale of such bonds, notes or other obligations pursuant to any system of electro…

57-234. Creation and perfection of government security interests. (1) The revenues, fees, rents, charges, taxes or other property pledged by a governmental unit for the purpose of securing its bonds, which pledge is hereby authorized, are immediately subject to the lien of the pl…

57-235. bonds — delegation authority. (1) Whenever the governing body of any public body shall deem it advisable to issue bonds under its lawful authority, then, subject to the limits of such authority, the governing body may delegate to a member of the governing body or to the c…