reglab/housing_qa huggingface dataset:
ID Code § 50-2703 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2703 - PUBLIC CORPORATIONS — CREATION, DISSOLUTION.

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.  History: [50-2703, added 1982, ch. 119, sec. 1, p. 328.]
ID Code § 50-2704 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2704 - BOARD OF DIRECTORS OF A PUBLIC CORPORATION.

50-2704. BOARD OF DIRECTORS OF A PUBLIC CORPORATION. The ordinance creating a public corporation shall include provisions establishing a board of directors to govern the affairs of the corporation, what constitutes a quorum of the board of directors, and how the corporation shall conduct its affairs. The board of directors will consist of no less than three (3) members.  History: [50-2704, added 1982, ch. 119, sec. 1, p. 329.]
ID Code § 50-2705 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2705 - PUBLIC CORPORATIONS — DIRECTORS.

50-2705. PUBLIC CORPORATIONS — DIRECTORS. It shall be illegal for a director, officer, agent or employee of a corporation to have, directly or indirectly, any financial interest in any property to be included in or any contract for property, services or materials to be furnished or used in connection with any industrial development facility financed through the public corporation. Violation of any provision of this section is a misdemeanor.  History: [50-2705, added 1982, ch. 119, sec. 1, p. 329.]
ID Code § 50-2707 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2707 - PUBLIC CORPORATIONS — AUDIT BY STATE.

50-2707. PUBLIC CORPORATIONS — AUDIT BY STATE. The finances of any public corporation are subject to examination by the legislative council.  History: [50-2707, added 1982, ch. 119, sec. 1, p. 330; am. 1993, ch. 327, sec. 24, p. 1217.]
ID Code § 50-2709 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2709 - REPORTING AND ASSISTANCE.

50-2709. REPORTING AND ASSISTANCE. (1) Within ten (10) days after the issuance of any revenue bonds, each public corporation shall record the following and any additional information with the department of finance, bureau of securities: (a) The name of the issuer; (b) The proposed amount of the bonds; (c) A short description of the facilities constituting the project and of the person or persons on behalf of whom the issuer issued the bonds; and (d) The amount of permanent employment reasonably projected to be created by the existence of each project. (2) The division of economic and community affairs shall report annually to the legislature and the governor on the amount of revenue bonds authorized and issued, the amount of capital investment undertaken under this chapter and the amount of permanent employment reasonably related to the existence of such industrial development facilities. (3) The division of economic and community affairs shall provide such advice and assistance to public corporations or municipalities which have created or may wish to create corporations, as the public corporations or municipalities request and the division of economic and community affairs considers appropriate.  History: [50-2709, added 1982, ch. 119, sec. 1, p. 332.]
ID Code § 50-2711 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2711 - INVESTMENT OF FUNDS.

50-2711. INVESTMENT OF FUNDS. An issuer issuing revenue bonds hereunder shall not commingle any funds received from the sale thereof with any other funds in its possession or under its control but may invest any such funds in the manner and in such obligations as shall be provided for in the bond indenture pursuant to which the revenue bonds are issued.  History: [50-2711, added 1982, ch. 119, sec. 1, p. 333.]
ID Code § 50-2712 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2712 - REVENUE BONDS — REFUNDING.

50-2712. REVENUE BONDS — REFUNDING. Each public corporation may provide by resolution for the issuance of revenue refunding bonds for the purpose of refunding any revenue bonds issued for an industrial development facility under this chapter, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption or maturity of the revenue bonds and commissions, service fees and other expenses necessary to be paid in connection with the refunding bond issue, and if considered advisable by the public corporation, for the additional purpose of financing improvements, extension or enlargements to the industrial development facility or another industrial development facility. The issuance of the revenue bonds, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the public corporation in respect to the same shall be governed by this chapter insofar as applicable. Any such refunding may be effected whether the bonds to be refunded shall have matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby, or by the exchange of the refunding bonds for the bonds to be refunded thereby with the consent of the holders of the bonds so to be refunded, and regardless of whether or not the bonds to be refunded were issued in connection with the same project or separate projects or for any other purpose hereunder, and regardless of whether or not the revenue bonds proposed to be refunded shall be payable on the same date or different dates or shall be due serially or otherwise.  History: [50-2712, added 1982, ch. 119, sec. 1, p. 334.]
ID Code § 50-2713 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2713 - TRUST AGREEMENTS.

50-2713. TRUST AGREEMENTS. Any bonds issued under this chapter may be secured by a trust agreement between the public corporation and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. The trust agreement may evidence a pledge or assignment of the financing documents and lease, sale or loan revenues to be received from a lessee or purchaser of or borrower with respect to an industrial development facility for the payment of principal of and interest on and any premium on the bonds as the same shall become due and payable and may provide for creation and maintenance of reserves for these purposes. A trust agreement or resolution providing for the issuance of the revenue bonds may contain such provisions for protecting and enforcing the rights and remedies of the bond holders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties in relation to the acquisition of property and the construction, improvements, maintenance, use, repair, operation and insurance of the industrial development facility for which the bonds are authorized, and the custody, safeguarding and application of all money. Any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of revenue bonds or of revenues may furnish such indemnifying bonds or pledge such securities as may be required by the corporation. A trust agreement may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing bonds and debentures of private corporations. In addition, a trust agreement may contain such provisions as the public corporation considers reasonable and proper for the security of the bondholders which are not in conflict with this chapter.  History: [50-2713, added 1982, ch. 119, sec. 1, p. 334.]
ID Code § 50-2714 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2714 - COMMINGLING OF BOND PROCEEDS OR REVENUES WITH MUNICIPAL FUNDS PROHIBITED.

50-2714. COMMINGLING OF BOND PROCEEDS OR REVENUES WITH MUNICIPAL FUNDS PROHIBITED. No part of the proceeds received from the sale of any revenue bonds under this chapter, of any revenues derived from any industrial development facility required or held under this chapter, or of any interest realized on moneys received under this chapter may be commingled by the public corporation with funds of the municipality creating the public corporation.  History: [50-2714, added 1982, ch. 119, sec. 1, p. 335.]
ID Code § 50-2715 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2715 - SUBLEASES AND ASSIGNMENT.

50-2715. SUBLEASES AND ASSIGNMENT. A lessee or contracting party under a sale contract or loan agreement shall not be required to be the eventual user of an industrial development facility if any sublessee or assignee assumes all of the obligations of the lessee or contracting party under the lease, sale contract, or loan agreement, but the lessee or contracting party or their successors shall remain primarily liable for all of its obligations under the lease, sale contract or loan agreement and the use of the industrial development facility shall be consistent with the purposes of this chapter.  History: [50-2715, added 1982, ch. 119, sec. 1, p. 335.]
ID Code § 50-2716 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2716 - DETERMINATION OF RENT.

50-2716. DETERMINATION OF RENT. Before entering into a lease, sale contract or loan agreement with respect to any industrial development facility, the public corporation shall determine that there are sufficient revenues to pay: (a) The principal of and the interest on the revenue bonds proposed to be issued to finance the industrial development facility; (b) The amount necessary to be paid each year into any reserve funds which the public corporation considers advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the industrial development facility; and (c) Unless the terms of the lease, sale contract or loan agreement provide that the lessee or contracting party shall maintain the industrial development facility and carry all proper insurance with respect thereto, the estimated cost of maintaining the industrial facility in good repair and keeping it properly insured.  History: [50-2716, added 1982, ch. 119, sec. 1, p. 335.]
ID Code § 50-2717 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2717 - PROCEEDINGS IN THE EVENT OF DEFAULT.

50-2717. PROCEEDINGS IN THE EVENT OF DEFAULT. The proceedings authorizing any revenue bonds under this chapter or any financing document securing the revenue bonds may provide that if there is a default in the payment of the principal of or the interest on the bonds or in the performance of any agreement contained in the proceedings or financing document, the payment and performance may be enforced by mandamus or by the appointment of a receiver in equity with power to charge and collect rents, purchase price payments and loan repayments, and to apply the revenues from the industrial development facility in accordance with the proceedings or provisions of the financing document. Any financing document entered into under this chapter to secure revenue bonds issued under this chapter may also provide that if there is a default in the payment thereof or a violation of any agreement contained in the financing document, the industrial development facility may be foreclosed and sold under proceedings in equity or in any other manner now or hereafter permitted by law. Any financing document may also provide that any trustee under the financing document or the holder of any revenue bonds secured thereby may become the purchaser at any foreclosure sale if it is the highest bidder.  History: [50-2717, added 1982, ch. 119, sec. 1, p. 335.]
ID Code § 50-2718 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2718 - PUBLICATION OF PROCEEDINGS — CONTEST PERIOD.

50-2718. PUBLICATION OF PROCEEDINGS — CONTEST PERIOD. The resolution authorizing the issuance of any revenue bonds hereunder and the execution of an indenture as security therefor shall be published one (1) time in a newspaper of general circulation in the municipality. Any such indenture, or other instrument authorized in such resolution to be executed, may be incorporated as an exhibit to such resolution but need not be published as part of the resolution. For a period of thirty (30) days from the date of such publication any person in interest may file suit in any court of competent jurisdiction to contest the regularity, formality or legality of the proceedings authorizing the revenue bonds, or the legality of such resolution and its provisions or of the revenue bonds to be issued pursuant thereto and the provisions securing the revenue bonds. After the expiration of such thirty (30) day period no one shall have any right of action to contest the validity of the revenue bonds or of such proceedings or of such resolution or the validity of the pledges and covenants made in such proceedings and resolution and the revenue bonds and the provisions for their payment shall be conclusively presumed to be legal and no court shall thereafter have authority to inquire into such matters.  History: [50-2718, added 1982, ch. 119, sec. 1, p. 336.]
ID Code § 50-2719 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2719 - TAX EXEMPTION.

50-2719. TAX EXEMPTION. Any bonds issued under the provisions of this chapter, their transfer, and income therefrom, including any interest paid or payable thereon and profit made on the sale thereof, shall be exempt at all times from all taxation in the state of Idaho.  History: [50-2719, added 1982, ch. 119, sec. 1, p. 336.]
ID Code § 50-2720 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2720 - TAXATION.

50-2720. TAXATION. During any period that property acquired pursuant to this act is leased by a municipality or public corporation as a lessor, or title thereto is retained by a municipalaity [municipality] or public corporation under an installment purchase contract, taxes shall be payable to the same extent as if it were owned by such lessee or installment purchaser and such taxes shall be paid by such lessee or installment purchaser.  History: [50-2720, added 1982, ch. 119, sec. 1, p. 336.]
ID Code § 50-2721 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2721 - BONDS ELIGIBLE FOR INVESTMENT.

50-2721. BONDS ELIGIBLE FOR INVESTMENT. The state of Idaho and all counties, cities, port districts and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, insurance companies and associations, and all executors, administrators, guardians, trustees and other fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any revenue bonds issued pursuant to the provisions of this chapter.  History: [50-2721, added 1982, ch. 119, sec. 1, p. 336.]
ID Code § 50-2722 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2722 - CONVEYANCE OF TITLE TO USER.

50-2722. CONVEYANCE OF TITLE TO USER. At or prior to the time the principal of, interest and premium, if any, on any revenue bonds issued hereunder to provide a particular project have been fully paid, the public corporation may execute such deeds and conveyances as are necessary and required to convey its rights, title and interest in such project to any user, provided that if such conveyance is made prior to when the revenue bonds are fully paid, the public corporation has determined that adequate provision has been made for the payment of the principal of, interest and premium, if any, on the bonds as they become due.  History: [50-2722, added 1982, ch. 119, sec. 1, p. 337.]
ID Code § 50-2723 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM|Section 50-2723 - CONSTRUCTION — SUPPLEMENTAL NATURE OF CHAPTER.

50-2723. CONSTRUCTION — SUPPLEMENTAL NATURE OF CHAPTER. This chapter supplements and neither restricts nor limits any powers which a municipality or presently authorized corporation might otherwise have under any laws of this state.  History: [50-2723, added 1982, ch. 119, sec. 1, p. 337.]
ID Code § 50-2801 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 28 - IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT|Section 50-2801 - DEFINITIONS.

50-2801. DEFINITIONS. As used in sections 50-2801 through 50-2805, Idaho Code: (1) "Bond" means any obligation for which an allocation of the volume cap is required by the code. (2) "Certificates" mean mortgage credit certificates described in section 25 of the code. (3) "Code" means the Internal Revenue Code of 1986, as amended, and any related treasury regulations. (4) "Executive order" means the executive order or other administrative action of the governor pursuant to section 50-2804, Idaho Code, and any amendments thereto. (5) "Governmental unit" means (i) any county, city or port district, (ii) any public corporation created pursuant to section 50-2703, Idaho Code, or other entity acting on behalf of one or more counties, cities, or both, (iii) the state, or (iv) any other entity authorized to issue bonds. (6) "Project" means the facility or facilities to be financed in whole or in part with the proceeds of the bonds, or a program in which the proceeds of the bonds are used directly or indirectly to finance loans to individuals for educational expenses. (7) "State" means the state of Idaho, any of its agencies, and any of its institutions of higher education. (8) "State ceiling" means the ceiling for the state as computed under section 146(d) of the code. (9) "Volume cap" means the volume cap for the state as computed under section 146 of the code. (10) "Year" means each calendar year beginning calendar year 1987.  History: [50-2801, added 1985, ch. 227, sec. 1, p. 543; am. 1988, ch. 303, sec. 1, p. 959.]
ID Code § 50-2802 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 28 - IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT|Section 50-2802 - FINDING AND DECLARATION OF NECESSITY.

50-2802. FINDING AND DECLARATION OF NECESSITY. The legislature hereby finds and declares that the Tax Reform Act of 1986 imposes an annual state ceiling on the amount of bonds or certificates that may be issued, the interest on which is excludable from gross income for purposes of federal income taxation; that section 146(e)(1) of the code provides that the legislature may enact a different formula for allocating the state ceiling among the governmental units different from the formula contained in the code; and that a different formula is necessary to allocate the state ceiling by the least complicated method possible and to insure an efficient use of the state ceiling.  History: [50-2802, added 1985, ch. 227, sec. 1, p. 544; am. 1988, ch. 303, sec. 2, p. 959.]
ID Code § 50-2803 (2021)
2021 Idaho Code|Title 50 - MUNICIPAL CORPORATIONS|Chapter 28 - IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT|Section 50-2803 - ALLOCATION FORMULA.

50-2803. ALLOCATION FORMULA. The entire state ceiling for the year, including any carry-forward under section 146(f) of the Internal Revenue Code, shall be allocated by the following formula. The state ceiling shall be allocated by the state to governmental units, as needed to finance qualified projects and programs under the Internal Revenue Code, as amended, on the basis of effective utilization, need, economic impact and efficient distribution of resources throughout the state by the department of commerce. The allocation formula established by this section shall be implemented and administered by the governor pursuant to the terms and provisions of an executive order which shall make provisions for priorities of projects and programs based on the formula. No qualified applicant for the state ceiling shall render decisions in the allocation formula.  History: [50-2803, added 1985, ch. 227, sec. 1, p. 544; am. 1988, ch. 303, sec. 3, p. 960; am. 2000, ch. 432, sec. 1, p. 1389.]