Idaho § 33-5306
Full text of Idaho Idaho Statutes § 33-5306, with citation guidance and answers to common questions.
§ 33-5306.
Paying agent to provide notice - State treasurer to execute transfer to paying agents - Effect of transfer.
(1) (a) The superintendent of each school district with outstanding, unpaid bonds shall transfer moneys sufficient for the scheduled debt service payment to its paying agent at least fifteen (15) days before any principal or interest payment date for the bonds.
(b) The paying agent may, if instructed to do so by the superintendent, invest the moneys at the risk and for the benefit of the school district until the payment date.
(c) A superintendent who is unable to transfer the scheduled debt service payment to the paying agent fifteen (15) days before the payment date shall immediately notify the paying agent and the state treasurer as set forth in the procedures for notice under the provisions of this chapter established by the state treasurer.
(2) If sufficient funds are not transferred to the paying agent as required by subsection (1) of this section, the paying agent shall notify the state treasurer of that failure in writing at least ten (10) days before the scheduled debt service payment date as set forth in the procedures for notice under the provisions of this chapter established by the state treasurer.
(3) (a) If sufficient moneys to pay the scheduled debt service payment have not been transferred to the paying agent, the state treasurer shall, on or before the scheduled payment date, gather sufficient moneys to make the scheduled debt service payment as set forth in section 33-5308 , Idaho Code, and transfer such moneys to the paying agent.
(b) The payment by the treasurer:
(i) Discharges the obligation of the issuing school district to its bondholders for the payment; and
(ii) Transfers the rights represented by the general obligation of the school district from the bondholders to the state.
(c) The school district shall pay the transferred obligation to the state as provided in this chapter.
[33-5306, added 1999, ch. 328, sec. 1, p. 843; am. 2010, ch. 295, sec. 2, p. 796.]
Frequently Asked Questions About Idaho § 33-5306
What does Idaho Statutes § 33-5306 cover?
Section 33-5306 is part of the Idaho Statutes, the codified statutory law of Idaho. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Idaho § 33-5306?
A common citation format is "Idaho Statutes § 33-5306" (Idaho). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 33-5306 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Idaho.