Idaho § 50-3110 - Revenue bonds - Election

§ 50-3110. Revenue bonds - Election

(1) Subject to section 3, article VIII, of the constitution of the state of Idaho, after district formation, whenever the district board shall deem it advisable to issue revenue bonds of the district, the district board shall provide therefor by resolution, which resolution shall specify and set forth the community infrastructure consistent with the general plan to be financed with such bonds.

(2) The resolution shall also provide for holding an election, held in compliance with section 50-3112 , Idaho Code, to submit to the qualified electors of the district the question of authorizing the district to issue revenue bonds of the district to provide moneys for such community infrastructure consistent with the general plan.

(3) Except as otherwise specifically set forth in this section, the provisions of the water and sewer district revenue bond act codified in chapter 41, title 42 , Idaho Code, shall apply with respect to the issuance of revenue bonds and refunding bonds under this section in substantially the same manner as if the district were a water and/or sewer district issuing bonds pursuant to the water and sewer district revenue bond act, and the district board shall conduct itself in the issuance of revenue bonds in substantially the same manner as the commissioners of a district under the water and sewer district revenue bond act.

(4) If the revenue bonds are approved at the election, the district board shall thereupon be authorized to issue and create such indebtedness in the manner and for the purposes specified in said resolution, and such bonds shall be issued and sold in the manner provided by the laws of the state of Idaho.

(5) After the bonds are issued, the district board shall enter in its minutes a record of the bonds sold and their numbers and dates and shall periodically collect the pledged revenues to pay the debt service on the bonds when due.

(6) Money derived from the collection of revenues pledged to pay the debt service on the bonds shall be kept separately from other moneys of the district.

(7) No holder of revenue bonds issued pursuant to this chapter may compel any exercise of the taxing power of the district, county or city to pay the bonds or the interest on the bonds. Revenue bonds issued pursuant to this chapter are not a debt of the state or any political subdivision thereof, including any county or city in which the district is located, nor are they the debt of the district, other than with respect to the revenue pledged to the payment of the bonds. The payment of revenue bonds is not enforceable out of any money other than the revenue pledged to the payment of the bonds.

(8) Subject to the provisions of this section, a district may issue revenue bonds at such times and in such amounts as the district deems appropriate to carry out a project in phases.

(9) The district may issue and sell refunding bonds to refund revenue bonds of the district authorized by this section. The principal amount of the refunding bonds may be more or less than the principal amount of the bonds being refunded, provided the proceeds of the refunding bonds are used only for refunding purposes and payment of the costs thereof, and the total obligation of the district is not increased, that is, if the amount of the refunding bonds is more than the principal amount of the bonds being refunded, issuance of the refunding bonds will result in a net present value savings to the district. No election shall be required in connection with the issuance and sale of such refunding bonds. Refunding bonds issued pursuant to this section shall have a final maturity date no later than the final maturity date of the bonds being refunded.

[50-3110, added 2008, ch. 410, sec. 1, p. 1153.]