Title 70 — WATERCOURSES AND PORT DISTRICTS

70-2101. Short title. This act may be referred to and cited as the "Idaho Port District Economic Development Financing Act."

70-2102. Declaration of necessity and purpose — Liberal construction. (1) The legislature of the state of Idaho hereby finds: (a) That lack of sufficient employment opportunities in port districts seriously endangers the public health and welfare; (b) That there is a need to enco…

70-2103. Definitions. In this act, unless the context otherwise clearly requires, the terms used herein shall have the meanings ascribed to them as follows: (1) "Commission" means the port commission of any port district. (2) "Person" means any individual, partnership, copartners…

70-2104. Powers. Each port district shall have the following powers together with all powers incidental thereto or necessary for the performance thereof: (1) To determine the location of any project, whether upon real estate owned by the port district or by any person, and the ma…

70-2105. Conflict of interest. In the event a member of a commission is the person or is an officer, partner, employee, stockholder or beneficiary, in the case of a trust, of the person with whom the port district proposes to contract under the provisions of this act with respect…

70-2106. Bonds. All revenue bonds authorized to be issued hereunder may be issued as serial bonds or as term bonds or a combination of both types. All revenue bonds so issued shall be payable solely out of the revenues and receipts derived by the port district from the project pr…

70-2107. 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 port district. Any such…

70-2108. Security for revenue bonds. The principal, interest and premium, if any, on any revenue bonds issued hereunder shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may also be payable out of proceeds from the sale of t…

70-2109. Payment of revenue bonds — Nonliability of state and political subdivisions. Revenue bonds passed under the provisions of this act shall not be deemed to constitute a debt or liability of the state of Idaho, any port district or any other political subdivision of the sta…

70-2110. Taxation. To the extent permitted by the constitution, the property acquired by any port district pursuant to this act is exempt from taxation, except that during any period that such property is leased by a port district under a lease, or title thereto is retained by a …

70-2111. Conveyance of title to lessee. At or prior to the time the principal, interest and premium, if any, on any revenue bonds issued hereunder to provide a particular project have been fully paid, the port district may execute such deeds and conveyances as are necessary and r…

70-2112. Powers not restricted — Law complete in itself. Neither this act nor anything herein contained shall be construed as a restriction or limitation upon any powers which any port district might otherwise have under any laws of the state of Idaho, but shall be construed as c…

70-2113. Investment of funds. Each port district issuing revenue bonds hereunder may invest any funds received in connection therewith in bonds, notes, certificates of indebtedness, treasury bills or other securities constituting direct obligations of the United States of America…

70-2114. Bonds eligible for investment. The state of Idaho and all counties, cities, port districts and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions,…

70-2115. Exemption from public buildings construction and bidding requirements. A project is not subject to any requirements relating to public buildings, structures, grounds, works, or improvements imposed by the Idaho Code, or any other similar requirements which may be lawfull…

70-2116. Tax exemption. Any bonds issued under the provisions of this act, 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.

70-2117. Severability. If any one or more sections or provisions of this act, or the application thereof to any person (including municipal corporations and political subdivisions) or circumstance, shall ever be held by any court of competent jurisdiction to be invalid, the remai…