Title 67 — STATE GOVERNMENT AND STATE AFFAIRS

67-8701. Short title. This chapter shall be known and may be cited as the "Idaho Bond Bank Authority Act."

67-8702. Definitions. As used in this chapter: (1) "Authority" or "bond bank authority" means the Idaho bond bank authority. (2) "Bonds" means bonds, notes or other obligations of the authority issued under this chapter. (3) "Municipal bond" means a bond, note or other obligation…

67-8703. Bond bank authority created — Membership — Vacancies — Officers — Quorum — Compensation. (1) There is hereby created an independent public body corporate and politic to be known as the Idaho bond bank authority. The authority is an instrumentality of the state within the…

67-8704. Retention of outside services. The authority may contract for and engage the services of bond counsel, consultants, experts and others whose services the authority considers necessary or appropriate.

67-8705. Powers and duties of the authority. The authority shall have the following powers and duties: (1) To sue and be sued in its own name; (2) To adopt and from time to time alter an official seal; (3) To adopt and from time to time amend or repeal rules and bylaws; (4) To ac…

67-8706. Annual report. Before January 1 of each year, the authority shall prepare and submit to the governor and the legislature a report of its activities for the preceding fiscal year. The report shall set out a complete operating and financial statement which covers its opera…

67-8707. Negotiability of bonds. Notwithstanding any other provision of law, a bond issued under this chapter is fully negotiable, and a holder or owner of a bond, by accepting the bond, is conclusively considered to have agreed that the bond is fully negotiable.

67-8708. Bonds as legal investments. Notwithstanding any other provisions of law, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all…

67-8709. Tax exemption. All property of the authority is public property exempt from all taxes and special assessments of the state or a municipality. All bonds issued under this chapter are issued by a body corporate and politic of this state, and the bonds and the interest and …

67-8710. Issuance of bonds — Form of issuance — Sale price — Payment or refunding of bonds — Terms of agreement with bondholder. (1) The authority may issue its bonds from time to time in principal amounts that it considers necessary to provide funds for any purpose under this ch…

67-8711. Purchase and disposition of bonds. The authority may purchase bonds of the authority. The authority may hold, cancel or resell the bonds subject to, and in accordance with, agreements with holders of its bonds.

67-8712. Presumption of validity. After issuance, all bonds of the authority, and the purchase of all municipal bonds with the proceeds of the bonds, and any contracts entered into in connection with issuance of the bonds, shall be conclusively presumed to be fully authorized and…

67-8713. Reserve fund — Additional funds and accounts. (1) There is hereby created in the state treasury a fund to be known as the "Idaho Municipal Bond Bank Authority Reserve Fund" (hereinafter referred to as "reserve fund") in which there shall be deposited or transferred: (a) …

67-8714. Personal liability. Neither a member of the authority nor a person executing bonds issued or contracts entered into under this chapter shall be liable personally on the bonds or contracts.

67-8715. Exemption from execution and sale. All property of the authority is exempt from levy and sale by virtue of an execution. No execution or other judicial process may issue against the property of the authority, and a judgment against the authority may not be a charge or li…

67-8716. Unlimited sales tax receipts pledge. (1) The bond bank authority fund is hereby statutorily created in the state treasury. Moneys in the fund shall be used only as provided in this chapter. Earnings of the bond bank authority fund shall be deposited into the general fund…

67-8717. Lien of pledge. A pledge of sales tax revenues made by the authority is binding from the time the pledge is made. Sales tax revenues so pledged and thereafter received by the authority are immediately subject to the lien of the pledge without any physical delivery thereo…

67-8718. Credit enhancement or liquidity. (1) The authority may enter into agreements to obtain, from a department or agency of the United States or from a nongovernmental financial institution or other entity, insurance, guaranty or other credit enhancement or liquidity for the …

67-8719. Surety for deposits by bank. All banks, trust companies, savings banks, investment companies and other persons carrying on a banking business are authorized to give to the authority a good and sufficient undertaking with such sureties as are approved by the bank, to the …

67-8720. Expenses of administration. All expenses incurred in carrying out this chapter are payable either from revenues or funds appropriated under this chapter or from moneys appropriated to the state treasurer from the general fund for operating expenditures. Nothing in this c…

67-8721. Swaps. In connection with, or incidental to, the issuance or carrying of bonds, but only for the purpose of reducing the amount or duration of payment, interest rate, spread or similar risk, or to result in a lower cost of borrowing, and not for purposes of investment or…

67-8722. Municipal bonds. Any municipality which receives sales tax funds from the state may, in addition to any other powers it may have and without regard to the restrictions or requirements that might otherwise apply under the laws of the state but subject to the requirements …

67-8723. Complete authority. This chapter provides a complete, additional and alternative method for accomplishing the acts authorized by this chapter, whether by the authority or by municipalities, and the issuance of bonds and municipal bonds, the purchase of municipal bonds, t…

67-8724. Rights not to be impaired by state. The state does hereby pledge to and agree with the holders of any 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 hol…

67-8725. Payment transfer — Notice of nonpayment — State financial assistance intercept mechanism — State treasurer duties — Interest and penalty provisions. (1) (a) Each municipality, with outstanding unpaid municipal bonds as set forth in this chapter held by or for the authori…

67-8726. Cooperation by government agencies. (1) All officers, departments, boards, agencies, divisions and commissions of the state shall render to the authority services that are within the area of their respective governmental functions and that may be requested by the authori…

67-8727. Alternative intercept procedure. Notwithstanding any other provision of law to the contrary, to the extent that any bonds are not secured by moneys appropriated by the legislature to the reserve fund established pursuant to section 67-8713, Idaho Code, or such moneys are…

67-8729. Idaho bond bank administrative fund. (1) There is hereby created in the state treasury the "Idaho Bond Bank Administrative Fund" to which shall be credited: (a) Fees collected from municipalities or other potential sellers of municipal bonds in connection with applicatio…