reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2606 - HEARINGS.

50-2606. HEARINGS. Whenever a hearing is held under this chapter, the legislative authority shall hear all protests and receive evidence for or against the proposed action. The legislative authority may continue the hearing from time to time. Proceedings shall terminate if protest is made by businesses in the proposed district which would pay a majority of the proposed special assessments.
History:
[50-2606, added 1980, ch. 192, sec. 1, p. 425.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2607 - CHANGE OF BOUNDARIES.

50-2607. CHANGE OF BOUNDARIES. If the legislative authority decides to change the boundaries of the proposed district, the hearing shall be continued to a time at least fifteen (15) days after such decision and notice shall be given as prescribed in section 50-2605, Idaho Code, showing the boundary amendments, but no resolution of intention is required.
History:
[50-2607, added 1980, ch. 192, sec. 1, p. 425.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2608 - SPECIAL ASSESSMENTS — CLASSIFICATION OF BUSINESSES.

50-2608. SPECIAL ASSESSMENTS — CLASSIFICATION OF BUSINESSES. For purposes of the special assessments to be imposed pursuant to this chapter, the legislative authority may make a reasonable classification of businesses, giving consideration to various factors, including the degree of benefit received from parking only.
History:
[50-2608, added 1980, ch. 192, sec. 1, p. 425.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2609 - SPECIAL ASSESSMENTS — SAME BASIS OR RATE FOR CLASSES NOT REQUIRED — FACTORS AS TO PARKING FACILITIES.

50-2609. SPECIAL ASSESSMENTS — SAME BASIS OR RATE FOR CLASSES NOT REQUIRED — FACTORS AS TO PARKING FACILITIES. The special assessments need not be imposed on different classes of business, as determined pursuant to section 50-2608, Idaho Code, on the same basis or the same rate: Provided, however, that the special assessments imposed for the purpose of the acquisition, construction or maintenance of parking facilities for the benefit of the district shall be imposed on the basis of benefit determined by the legislative authority after giving consideration to the total cost to be recovered from the businesses upon which the special assessment is to be imposed, the total area within the boundaries of the business improvement district, the assessed value of the land and improvements within the district, the total business volume generated within the district and within each business, and such other factors as the legislative authority may find and determine to be a reasonable measure of such benefit.
History:
[50-2609, added 1980, ch. 192, sec. 1, p. 425.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2610 - ORDINANCE TO ESTABLISH — ADOPTION — CONTENTS.

50-2610. ORDINANCE TO ESTABLISH — ADOPTION — CONTENTS. If the legislative authority, following the hearing, decides to establish the proposed district, it shall adopt an ordinance to that effect. This ordinance shall contain the following information:
(1) The number, date and title of the resolution of intention pursuant to which it was adopted;
(2) The time and place the hearing was held concerning the formation of such district;
(3) The description of the boundaries of such district;
(4) A statement that the businesses in the district established by the ordinance shall be subject to the provisions of the special assessments authorized by section 50-2601, Idaho Code;
(5) The initial or additional rate or levy of special assessment to be imposed with a breakdown by classification of business, if such classification is used;
(6) A statement that a business improvement district has been established; and
(7) The uses to which the special assessment revenue shall be put; provided, however, that such use shall conform to the use as declared in the initiation petition presented pursuant to section 50-2603, Idaho Code.
History:
[50-2610, added 1980, ch. 192, sec. 1, p. 425.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2611 - USE OF REVENUE — CONTRACTS TO ADMINISTER OPERATION OF DISTRICT.

50-2611. USE OF REVENUE — CONTRACTS TO ADMINISTER OPERATION OF DISTRICT. The legislative authority of each city shall have sole discretion as to how the revenue derived from the special assessments is to be used within the scope of the purposes; however, the legislative authority may appoint existing advisory boards or commissions to make recommendations as to its use, or the legislative authority may create a new advisory board or commission for the purpose.
The legislative authority may contract with a chamber of commerce or other similar business association operating primarily within the boundaries of the legislative authority to administer the operation of a business improvement district, including any funds derived pursuant thereto; provided, that such administration must comply with all applicable provisions of law including this chapter, with all county or city resolutions and ordinances, and with all rules or procedures lawfully imposed by the state controller or other state agencies.
History:
[50-2611, added 1980, ch. 192, sec. 1, p. 426; am. 1994, ch. 180, sec. 94, p. 489; am. 2003, ch. 32, sec. 26, p. 132.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2612 - USE OF ASSESSMENT PROCEEDS RESTRICTED.

50-2612. USE OF ASSESSMENT PROCEEDS RESTRICTED. The special assessments levied hereunder must be for the purposes specified in the ordinances and the proceeds shall not be used for any other purpose.
History:
[50-2612, added 1980, ch. 192, sec. 1, p. 426.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2613 - COLLECTION OF ASSESSMENTS.

50-2613. COLLECTION OF ASSESSMENTS. Collections of assessments imposed pursuant to this chapter shall be made in the manner to be determined by the concerned legislative authority.
History:
[50-2613, added 1980, ch. 192, sec. 1, p. 426.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2614 - CHANGES IN ASSESSMENT RATES.

50-2614. CHANGES IN ASSESSMENT RATES. Changes may be made in the rate or additional rate of special assessment as specified in the ordinance establishing the district, by ordinance adopted after a hearing before the legislative authority.
The legislative authority shall adopt a resolution of intention to change the rate or additional rate of special assessment at least fifteen (15) days prior to the hearing required by this section. This resolution shall specify the proposed change and shall give the time and place of the hearing; provided, that proceedings to change the rate or impose an additional rate of special assessments shall terminate if protest is made by businesses in the proposed district which would pay a majority of the proposed increase or additional special assessments.
History:
[50-2614, added 1980, ch. 192, sec. 1, p. 426.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2615 - BENEFIT ZONES — AUTHORIZED — RATES.

50-2615. BENEFIT ZONES — AUTHORIZED — RATES. The legislative authority may, for each of the purposes set out in section 50-2601, Idaho Code, establish and modify one or more separate benefit zones based upon the degree of benefit derived from the purpose and may impose a different rate of special assessment within each such benefit zone.
History:
[50-2615, added 1980, ch. 192, sec. 1, p. 426.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2616 - BENEFIT ZONES — ESTABLISHMENT, MODIFICATION AND DISESTABLISHMENT OF DISTRICT PROVISIONS AND PROCEDURE TO BE FOLLOWED.

50-2616. BENEFIT ZONES — ESTABLISHMENT, MODIFICATION AND DISESTABLISHMENT OF DISTRICT PROVISIONS AND PROCEDURE TO BE FOLLOWED. All provisions of this chapter applicable to establishment or disestablishment of a district also apply to the establishment, modification, or disestablishment of benefit zones pursuant to section 50-2615, Idaho Code. The establishment or the modification of any such zone shall follow the same procedure as provided for the establishment of a business improvement district and the disestablishment shall follow the same procedure as provided for disestablishment of a district.
History:
[50-2616, added 1980, ch. 192, sec. 1, p. 427.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2617 - EXEMPTION PERIOD FOR NEW BUSINESSES.

50-2617. EXEMPTION PERIOD FOR NEW BUSINESSES. Businesses established after the creation of a district within the district shall be exempted from the special assessments imposed pursuant to this chapter from the date of first occupancy until the next billing date prescribed by the legislative authority.
History:
[50-2617, added 1980, ch. 192, sec. 1, p. 427; am. 2003, ch. 204, sec. 1, p. 544.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2618 - DISESTABLISHMENT OF DISTRICT — HEARING.

50-2618. DISESTABLISHMENT OF DISTRICT — HEARING. (1) The legislative authority may disestablish a district by ordinance after a hearing before the legislative authority. The legislative authority shall adopt a resolution of intention to disestablish the district at least fifteen (15) days prior to the hearing required by this section. The resolution shall give the time and place of the hearing.
(2) The legislative authority shall disestablish a district if the businesses in the district which pay a majority of the assessments, petition in writing for such disestablishment.
History:
[50-2618, added 1980, ch. 192, sec. 1, p. 427.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2619 - DISESTABLISHMENT OF DISTRICT — ASSETS AND LIABILITIES.

50-2619. DISESTABLISHMENT OF DISTRICT — ASSETS AND LIABILITIES. Upon disestablishment of a district, any proceeds of the special assessments, or assets acquired with such proceeds, or liabilities incurred as a result of the formation of such district, shall be subject to disposition as the legislative authority shall determine; provided, however, any liabilities, either current or future, incurred as a result of action taken to accomplish the purposes of section 50-2601, Idaho Code, shall not be an obligation of the general fund or any special fund of the city, but such liabilities shall be provided for entirely from available revenue generated from the projects or facilities authorized by section 50-2601, Idaho Code, or from special assessments on the property specially benefited within the district.
History:
[50-2619, added 1980, ch. 192, sec. 1, p. 427.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2620 - BIDS REQUIRED — MONETARY AMOUNT.

50-2620. BIDS REQUIRED — MONETARY AMOUNT. Any city authorized by this chapter to establish a business improvement district shall conduct its purchasing activities in accordance with the provisions of chapter 28, title 67, Idaho Code.
History:
[50-2620, added 1980, ch. 192, sec. 1, p. 427; am. 2005, ch. 213, sec. 22, p. 657.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2621 - COMPUTING COST OF IMPROVEMENT FOR BID REQUIREMENT.

50-2621. COMPUTING COST OF IMPROVEMENT FOR BID REQUIREMENT. The cost of the improvement for the purposes of this chapter shall be aggregate of all amounts to be paid for the labor, materials and equipment on one (1) continuous or interrelated project where work is to be performed simultaneously or in near sequence. Breaking an improvement into small units for the purposes of avoiding the minimum dollar amount prescribed in chapter 28, title 67, Idaho Code, is contrary to public policy and is prohibited.
History:
[50-2621, added 1980, ch. 192, sec. 1, p. 427; am. 2005, ch. 213, sec. 23, p. 658.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2622 - EXISTING LAWS NOT AFFECTED — CHAPTER SUPPLEMENTAL — PURPOSES MAY BE ACCOMPLISHED IN CONJUNCTION WITH OTHER METHODS.

50-2622. EXISTING LAWS NOT AFFECTED — CHAPTER SUPPLEMENTAL — PURPOSES MAY BE ACCOMPLISHED IN CONJUNCTION WITH OTHER METHODS. This chapter providing for business improvement districts shall not be deemed or construed to affect any existing act, or any part thereof, relating to special assessments or other powers of counties, and cities, but shall be supplemental thereto and concurrent therewith.
The purposes and functions of business improvement districts as set forth by the provisions of this chapter may be accomplished in part by the establishment of a district pursuant to this chapter and in part by any other method otherwise provided by law, including provisions for local improvements.
History:
[50-2622, added 1980, ch. 192, sec. 1, p. 428.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2623 - DISCLOSURE REQUIREMENT PRIOR TO LEASE OR SALE OF PROPERTY.

50-2623. DISCLOSURE REQUIREMENT PRIOR TO LEASE OR SALE OF PROPERTY. Prior to leasing or selling property located within a business improvement district, property owners are required to provide written disclosure to prospective lessees or purchasers that the subject property is located within a business improvement district and that the lessee or purchaser may be responsible for the payment of special assessments to the legislative authority. The written disclosure shall be a statement by the property owner and shall not be construed to be a statement made by any agent representing the property owner. No agent of the property owner shall be authorized to make such a disclosure as provided in this chapter or to verify the same.
History:
[50-2623, added 2003, ch. 204, sec. 2, p. 545.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 26 - BUSINESS IMPROVEMENT DISTRICTS › Section 50-2624 - NOTIFICATION IN THE EVENT OF LEASE OR SALE.

50-2624. NOTIFICATION IN THE EVENT OF LEASE OR SALE. (1) Within thirty (30) days of the lease or sale of property located within a business improvement district, the lessor of the subject property in the case of a lease, or the seller of the subject property in the case of a sale, is required to submit a written copy of the notification of the lease or sale and the identity of the lessee or purchaser, to the legislative authority.
(2) The disclosures required by the provisions of this chapter shall be set forth in the following disclosure form. An alternative form may be utilized provided that the terms of such form shall be substantially similar to the terms set forth herein:
Business Improvement District Disclosure
Purchaser or lessee has received notification that the property purchased or leased is located within a business improvement district. Purchaser or lessee understands that they may be responsible to pay special assessments to the legislative authority responsible for the business improvement district.
I/we acknowledge receipt of a copy of this disclosure statement.
Seller/Lessor:
Buyer/Lessee:
……………………
……………………
Date: ………………
Date: ………………
……………………
……………………
Date: ………………
Date: ………………
History:
[50-2624, added 2003, ch. 204, sec. 3, p. 545.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM › Section 50-2701 - FINDING AND DECLARATION OF NECESSITY.

50-2701. FINDING AND DECLARATION OF NECESSITY. The legislature hereby finds and declares that this state urgently needs to promote higher employment; encourage the development of new jobs; maintain and supplement the capital investments in industry that currently exist in this state; encourage future employment by ensuring future capital investment; attract environmentally sound industry to the state; protect and enhance the quality of natural resources and the environment; and promote the products and conservation of energy.
History:
[50-2701, added 1982, ch. 119, sec. 1, p. 326.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 28 - IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT › Section 50-2804 - AUTHORITY OF THE GOVERNOR.

50-2804. AUTHORITY OF THE GOVERNOR. The governor is authorized and directed to provide for the implementation and administration of the allocation formula established in section 50-2803, Idaho Code, by executive order. The executive order shall: (i) establish rules and procedures for the form, contents, submission, processing, priorities and approval of applications for allocations of the state ceiling; (ii) designate an agency for receipt, verification and approval of applications and for authorization of allocations; (iii) provide for the carry-forward of an allocation under section 146(f) of the code; (iv) provide for the issuance to governmental units of certificates evidencing an allocation of the state ceiling; (v) establish a period of time within which allocations must be used; (vi) provide for a means of reallocating portions of the state ceiling with respect to allocations for bonds or certificates that are not actually issued or are issued in a lesser amount than that portion of the state ceiling which was allocated to the bonds; and (vii) provide for, through the establishment of rules and procedures or otherwise, any other matters necessary or desirable to implement and administer the allocation formula and to provide for an efficient use of the state ceiling.
History:
[50-2804, added 1985, ch. 227, sec. 1, p. 544; am. 1988, ch. 303, sec. 4, p. 960; am. 2000, ch. 432, sec. 2, p. 1389.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 28 - IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT › Section 50-2805 - MISCELLANEOUS.

50-2805. MISCELLANEOUS. (1) No action taken pursuant to this chapter shall be deemed to create an obligation, debt or liability of any governmental unit or be deemed to constitute an approval of any obligations issued or to be issued hereunder.
(2) If any provision of this chapter shall be held to be or shall, in fact, be invalid, inoperative or unconstitutional, the defect of the provision shall not affect any other provision of this chapter or render it invalid, inoperative or unconstitutional. To the extent this chapter shall be held to be or shall, in fact, be invalid, inoperative or unconstitutional, all allocations of the state ceiling previously made under this chapter shall be treated as allocations made by the legislature.
(3) The state pledges and agrees with the holders of any bonds with respect to a project for which an allocation of the state ceiling was applied for by a governmental unit and which has been granted under this chapter that the state will not retroactively alter the allocation of the state ceiling to the governmental unit for such bonds.
History:
[50-2805, added 1985, ch. 227, sec. 1, p. 545.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 29 - LOCAL ECONOMIC DEVELOPMENT ACT › Section 50-2902 - FINDINGS AND PURPOSE.

50-2902. FINDINGS AND PURPOSE. It is hereby found and declared that there exists in municipalities a need to raise revenue to finance the economic growth and development of urban renewal areas and competitively disadvantaged border community areas. The purpose of this act is to provide for the allocation of a portion of the property taxes levied against taxable property located in a revenue allocation area for a limited period of time to assist in the financing of urban renewal plans, to encourage private development in urban renewal areas and competitively disadvantaged border community areas, to prevent or arrest the decay of urban areas due to the inability of existing financing methods to promote needed public improvements, to encourage taxing districts to cooperate in the allocation of future tax revenues arising in urban areas and competitively disadvantaged border community areas in order to facilitate the long-term growth of their common tax base, and to encourage private investment within urban areas and competitively disadvantaged border community areas. The foregoing purposes are hereby declared to be valid public purposes for municipalities.
History:
[50-2902, added 1988, ch. 210, sec. 2, p. 393; am. 1990, ch. 430, sec. 3, p. 1190; am. 1994, ch. 381, sec. 1, p. 1223.]
2023 Idaho Code › Title 50 - MUNICIPAL CORPORATIONS › Chapter 29 - LOCAL ECONOMIC DEVELOPMENT ACT › Section 50-2905 - RECOMMENDATION OF URBAN RENEWAL AGENCY.

50-2905. RECOMMENDATION OF URBAN RENEWAL AGENCY. In order to implement the provisions of this chapter, the urban renewal agency of the municipality shall prepare and adopt a plan for each revenue allocation area and submit the plan and recommendation for approval thereof to the local governing body. The plan shall include with specificity:
(1) A statement describing the total assessed valuation of the base assessment roll of the revenue allocation area and the total assessed valuation of all taxable property within the municipality;
(2) A statement listing the kind, number, and location of all proposed public works or improvements within the revenue allocation area;
(3) An economic feasibility study;
(4) A detailed list of estimated project costs;
(5) A fiscal impact statement showing the impact of the revenue allocation area, both until and after the bonds are repaid, upon all taxing districts levying taxes upon property on the revenue allocation area;
(6) A description of the methods of financing all estimated project costs and the time when related costs or monetary obligations are to be incurred;
(7) A termination date for the plan and the revenue allocation area as provided for in section 50-2903(20), Idaho Code. In determining the termination date, the plan shall recognize that the agency shall receive allocation of revenues in the calendar year following the last year of the revenue allocation provision described in the urban renewal plan;
(8) A description of the disposition or retention of any assets of the agency upon the termination date. Provided however, nothing herein shall prevent the agency from retaining assets or revenues generated from such assets as long as the agency shall have resources other than revenue allocation funds to operate and manage such assets; and
(9) Any changes to an urban renewal plan as provided in subsections (2) and (6) of this section shall be noticed and shall be completed in an open public meeting.
History:
[50-2905, added 1988, ch. 210, sec. 5, p. 397; am. 2002, ch. 143, sec. 4, p. 401; am. 2011, ch. 317, sec. 8, p. 923; am. 2016, ch. 349, sec. 5, p. 1022.]