Title 57 — PUBLIC FUNDS IN GENERAL

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 All bonds issued or authorized under the provisions of any law or laws herein amended, repealed or affected before the effective date of this act, and all proceedings relative to the same and to the redemption and payment thereof shall be g…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

57-301. Treasurer to file lists in recorder’s office — Contents — Statement upon redemption or payment of bond. The treasurer of every county, good road district, highway district, city, village, including all special improvement district bonds of cities and villages, school dist…

57-302. Summary of outstanding bonds to be included in recorder’s financial statement. It is hereby made the duty of the county recorder to include in the annual financial statement to the board of county commissioners, provided for in section 31-2307, Idaho Code, a classified su…

57-303. Certification of amounts in bond redemption funds. It shall be the duty of every county treasurer, not later than the second Monday in February of each year to certify to the county recorder of the same county the total amount in the county bond redemption, and the total …

57-304. County recorder not to charge fees. There shall be no fee charged by the county recorder for filing any such lists or making the copies for transmission to the board of county commissioners or for any other services herein required of the county recorder.

57-305. County auditor to keep information for reference. The county auditor shall keep in some convenient form for reference, the information received from the various treasurers as herein provided.

57-306. Violation a misdemeanor. Any person or officer violating any of the provisions of this chapter shall be deemed guilty of a misdemeanor.

57-401. Registration as to principal only — Discharge from registration. Whenever the holder of any coupon bond, already issued or hereafter issued by the state of Idaho, or by any county, city, town, township, board of education, school district or other subdivision, now or here…

57-402. Conversion into fully registered bond. The registration of such bond as to principal only shall not restrain the negotiability of the coupons by delivery merely, but upon presentation of any such bond to the treasurer or other official of the state or of such corporation,…

57-403. Record of registered bonds. Such treasurer or such other official shall keep in his office, such book or books as may be necessary, so as to show at all times what bonds are registered as to principal only, and what bonds are registered as to both principal and interest.

57-404. Registration to be without cost to holder. The registration of any coupon bond as to principal only, or as to both principal and interest, shall be effected by such treasurer or official performing the duties of treasurer without cost to the holder of any such coupon bond…

57-501. Issuance of refunding bonds authorized. In all cases where the state or any county, city, village, school district, highway district, good roads district, irrigation district or drainage district, has issued and sold, or may hereafter issue and sell, its bonds and the sam…

57-502. Deposit of proceeds of refunding bonds — Limitations on use. When such refunding bonds are so sold the money received therefor, if state bonds, shall be deposited with the state treasury, or if the bonds of any county, school district, city, village, highway district, goo…

57-503. Payment and cancellation of outstanding bonds. As soon as said fund is so received and deposited, the state, county, school district, city, village, highway district, good roads district, irrigation district or drainage district shall immediately pay and cancel such bonds…

57-504. Advance refunding of bonds. (1) Except where the context otherwise requires, the terms defined in this section shall for all purposes have the meanings herein specified: (a) "Governing body" means the council, commission, board of commissioners, board of directors, board …

57-601. Investment of sinking fund — Purchase of outstanding bonds. The treasurer of the state of Idaho, the city council or city commissioner of every city, the board of trustees of every village, the board of county commissioners of every county, the board of commissioners of e…

57-601A. Income from investment of sinking fund. Any income or profit that may be realized from the investment of the funds referred to in section 57-601, Idaho Code, shall, as the same are received, be deposited to the sinking fund from which such excess funds were invested, and…

57-602. Enforcement of laws relating to sinking fund levies and investment of sinking funds. Whenever it shall come to the knowledge of the attorney general that any political subdivision in the state has failed to levy proper sinking fund taxes as provided by law or contract, or…

57-603. Wrongful disbursement from sinking fund — Liability of member or disbursing officer of taxing board — Enforcement. Any member of any taxing board, or any disbursing officer thereof, who shall vote for the expenditure of, or expend or disburse, any money from any sinking f…

57-604. Limitation on application of preceding section. Section 57-603 shall not affect the right of taxing districts to invest sinking fund moneys pursuant to law.

57-715. Permanent endowment funds declared to be trust funds. Permanent endowment funds of the state of Idaho are hereby declared to be trust funds of the highest and most sacred order and shall be controlled, managed and invested by the investment board and the investment manage…

57-716. Investment of proceeds of the sales of public lands. The proceeds of the sales of endowment lands of the state, if not deposited into the land bank fund established in section 58-133, Idaho Code, and used to purchase other lands, shall be deposited into the appropriate pe…

57-717. Definitions. The following words and phrases, when used in this chapter, shall, for the purposes of this chapter, have the meanings respectively ascribed to them in this section, except in those instances where the context clearly indicates a different meaning: (1) "Board…

57-718. Establishment of investment board — Members — Qualifications. There is hereby established in the state board of land commissioners an endowment fund investment board, hereinafter referred to as the "investment board." This investment board shall consist of members hereina…

57-719. Board — Appointment of members — Term — Removal — Vacancies — Organization — Quorum — Meetings — Compensation. The members of the board appointed by the governor shall serve for terms of four (4) years, provided that for the first term the governor shall appoint three (3)…

57-720. Investment authority — Investment policies — Annual audit. (1) The investment board or its investment manager(s) may, and are hereby authorized to, invest the permanent endowment funds and the earnings reserve funds of the state of Idaho and other moneys as required by la…

57-721. Management by manager of investments — Appointment of custodian. (1) The investment board shall contract with or employ a manager of investments to manage the permanent endowment funds, the earnings reserve funds, and such other funds as the investment board is authorized…

57-723. Investment powers of the board — Application of Idaho uniform prudent investor act. Any other sections of the Code notwithstanding, the investment board or its investment manager(s) or custodian(s) shall have the care and control of all investment instruments representing…

57-723A. Deposit and distribution of earnings reserve funds — Income funds — Administrative costs. (1) As directed by the state board of land commissioners, the investment board shall distribute the earnings from the investments or securities in accordance with this act and the l…

57-724. Determination of gains and losses. (1) Gains. Gains to permanent endowment funds shall be determined by the investment board when the current market value of the permanent endowment fund as of the end of the fiscal year exceeds the gain benchmark market value of the perma…

57-724A. Earnings defined. "Earnings" shall mean all revenues generated from the management of endowment lands and their related endowment funds including, but not limited to, timber sale proceeds, lease fees, interest, dividends, and gains as defined in section 57-724, Idaho Cod…

57-725. Reports to the state board of land commissioners. The investment board shall make reports to the state board of land commissioners as directed by the state board of land commissioners.

57-727. Manager of investments — Staff — Legal advisors. (1) With the approval of two-thirds (2/3) of the members of the board, a manager of investments and other portfolio managers may be employed or contracted with who shall perform such managerial activities and functions as t…

57-728. Credit enhancement program for school district bonds. (1) The endowment fund investment board shall administer a school district bond credit enhancement program in accordance with this section and in conjunction with chapter 53, title 33, Idaho Code. This program applies …