Idaho § 50-2703 - Public corporations - Creation, dissolution
Full text of Idaho Idaho Statutes § 50-2703 — Public corporations - Creation, dissolution, with citation guidance and answers to common questions.
§ 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 creating a public corporation for the purposes authorized in this chapter. The ordinance creating the public corporation shall approve a charter for the public corporation containing such provisions as are authorized by and not in conflict with this chapter. Any charter issued under this chapter shall contain in substance the limitations set forth in section 50-2706 , Idaho Code. In any suit, action or proceeding involving the validity or enforcement of or relating to any contract of the public corporation and for all other purposes, the public corporation shall be conclusively presumed to have been duly created and authorized to transact business and exercise its powers under this chapter upon proof of the adoption of the ordinance creating the public corporation by the governing body. A copy of the ordinance duly certified by the clerk of the governing body of the municipality shall be admissible in evidence in any suit, action or proceeding.
(2) A public corporation created by a municipality pursuant to this chapter may be dissolved by the municipality if the public corporation:
(a) Has no property to administer other than funds or property, if any, to be paid or transferred to the municipality by which it was established; and
(b) All its outstanding obligations have been satisfied.
Such a dissolution shall be accomplished by the governing body of the municipality adopting an ordinance providing for the dissolution.
(3) The creating municipality may, at its discretion and at any time, alter or change the structure, organizational programs or activities of a public corporation, including termination of the public corporation if contracts entered into by the public corporation are not impaired. Any net earnings of a public corporation, beyond those necessary for retirement of indebtedness incurred by it, shall not inure to the benefit of any person other than the granting municipality. Upon dissolution of a public corporation, title to all property owned by the public corporation shall vest in the municipality.
[50-2703, added 1982, ch. 119, sec. 1, p. 328.]
Frequently Asked Questions About Idaho § 50-2703
What does Idaho Statutes § 50-2703 cover?
Section 50-2703 ("Public corporations - Creation, dissolution") 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 § 50-2703?
A common citation format is "Idaho Statutes § 50-2703" (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 § 50-2703 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.