Title 67 — STATE GOVERNMENT AND STATE AFFAIRS

67-6401. Short title. This chapter may be referred to as and cited as "Idaho State Building Authority Act."

67-6402. Definitions. As used in this chapter the following words and terms have the following meanings, unless a different meaning clearly appears from the context: (a) "Authority" means the Idaho state building authority created and established pursuant to section 67-6403, Idah…

67-6403. Creation of authority. There is hereby created and established an independent public body corporate and politic to be known as the Idaho state building authority to carry out the provisions of this act. The authority is hereby constituted a public instrumentality exercis…

67-6404. Declaration of policy. It is hereby declared: (a) the functions of government have multiplied many times since the admission of the state of Idaho into the union in 1890; (b) in view of the many increased functions of government, it is necessary that proper provision of …

67-6405. Appointment and removal of commissioners. (a) The powers of the authority shall be vested in a board of seven (7) commissioners appointed by the governor for terms of five (5) years with advice and consent of a majority of the members of the senate. No commissioner appoi…

67-6406. Executive director. (a) The commissioners shall employ an executive director who shall also be the secretary and who shall administer, manage and direct the affairs and business of the authority, subject to the policies, control and direction of the commissioners. The co…

67-6407. Conflict of interest. No commissioner or employee of the authority shall acquire any interest direct or indirect in any facility financed under this act or in any property included or planned to be included in any such facility, nor shall he have any interest direct or i…

67-6408. No forfeiture of office. Notwithstanding the provisions of any other law, no officer or employee of this state shall be deemed to have forfeited or shall forfeit his office or employment by reason of his acceptance of membership on the authority or his service thereon.

67-6409. General powers of the authority. The authority is hereby granted, has and may exercise all powers necessary or appropriate to carry out and effectuate its corporate purposes, including, without limitation, the following: (a) to sue and be sued in its own name; (b) to hav…

67-6410. Procedure prior to financing building developments or building projects. Notwithstanding any other provision of this act, the authority is not empowered to finance any facility pursuant to section 67-6409, Idaho Code, unless: (a) Prior approval by the legislature has bee…

67-6411. Cooperation with municipalities, state bodies or community college districts. (a) The authority may obtain the aid and cooperation of the municipalities in which such facilities are to be located and shall have the power to enter into: (1) such agreements and arrangement…

67-6412. Exemption from taxation. (a) As set forth in the declaration of finding and purpose herein, the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by this chapter, and the notes and bonds of the authority issue…

67-6413. Annual report. The authority shall submit to the governor within ninety (90) days after the end of its fiscal year a complete and detailed report setting forth: (a) its operations and accomplishments; (b) its receipts and expenditures during such fiscal year in accordanc…

67-6414. Bonding provisions. (a) (1) The authority shall have power and is hereby authorized to issue from time to time its notes and bonds in such principal amount as the authority shall determine to be necessary to provide sufficient funds for achieving any of its corporate pur…

67-6415. Refunding obligations — Issuance. The authority may provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premiu…

67-6416. Refunding obligations — Use of proceeds. Refunding obligations issued as provided in section 67-6412 may be sold or exchanged for outstanding obligations issued under this act and, if sold, the proceeds thereof may be applied, in addition to any other authorized purposes…

67-6417. Deposit of authority moneys. (a) All moneys of the authority except as otherwise authorized or provided in this act shall be deposited as soon as practicable in a separate account or accounts in banks or trust companies organized under the laws of the state or national b…

67-6418. Contract of the state. The state does hereby pledge to and agree with the holders of any notes or bonds issued under this chapter that the state will not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made with the said ho…

67-6419. Limitation of liability on authority obligations. The notes, bonds or other obligations of the authority shall not be or become an indebtedness or obligation of the state of Idaho, or of any department, board, commission, agency, political subdivision, body corporate and…

67-6420. Remedies of bond and note holders. (a) In the event that the authority shall default in the payment of principal of or interest on any issue of notes and bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall contin…

67-6421. State grants and leases to authority. The state may make grants of money or property and may lease property to the authority for the purpose of enabling it to carry out its corporate purposes and for the exercise of its powers, including, but not limited to, deposits to …

67-6422. Authority obligations are legal investments. The notes and bonds of the authority shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies a…

67-6423. Act not a limitation of powers. Neither this act nor anything herein contained is or shall be construed as a restriction or limitation upon any powers which the authority might otherwise have under any laws of this state, and this act is cumulative to any such powers. Th…

67-6424. Inconsistency with other laws. Insofar as the provisions of this act are inconsistent with the provisions of any other law, general, specific or local, the provisions of this act shall be controlling.