Title 50 — MUNICIPAL CORPORATIONS

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 st…

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 ac…

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…

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…

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 …

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 agen…

50-2707. Public corporations — Audit by state. The finances of any public corporation are subject to examination by the legislative council.

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…

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 propose…

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. …

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 provide…

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 redempti…

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 …

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 a…

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 pa…

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 revenu…

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 per…

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 …

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.

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 or public corporation under an installment purchase contract, taxes shall be payable to …

50-2721. 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,…

50-2722. Conveyance of title to user. At or prior to the time the principal of, interest and premium, if any, on any revenue bonds issued hereunder to provide a particular project have been fully paid, the public corporation may execute such deeds and conveyances as are necessary…

50-2723. Construction — Supplemental nature of chapter. This chapter supplements and neither restricts nor limits any powers which a municipality or presently authorized corporation might otherwise have under any laws of this state.