2010 Idaho Code
TITLE 33 EDUCATION
CHAPTER 11 SCHOOL BONDS
33-1121 ADVANCE REFUNDING BONDS.

TITLE 33

EDUCATION

CHAPTER 11

SCHOOL BONDS

33-1121. Advance refunding bonds. Whenever any school district has outstanding bonds which may be called and redeemed prior to their maturities, the board of trustees of any such district may issue refunding bonds in advance of the date of calling and redeeming such outstanding bonds for the purpose of redeeming the same, without submitting the question of issuing refunding bonds to the electors of the district, when the net interest cost of the refunding bonds shall not exceed the net interest cost of the bonds to be refunded.

"Net interest cost" of a proposed issue of refunding bonds is defined as the total amount of interest to accrue on said refunding bonds from their date to their respective maturities, plus the total amount of premiums payable to the holders of said outstanding bonds as a condition to their redemption, less the amount of any premium above their par value at which said refunding bonds are being or have been sold. "Net interest cost" of an outstanding issue, or issues, to be refunded is defined as the total amount of interest which would accrue on said outstanding bonds from the date of the proposed refunding bonds to the respective maturity dates of said outstanding bonds to be refunded. In all cases the net interest cost shall be computed without regard to any option of redemption prior to the designated maturities.

Two (2) or more issues of outstanding bonds may be refunded by a single issue of refunding bonds only if the taxable property, upon which taxes are levied to pay the interest and principal payments of the outstanding bonds, is identical as to each issue proposed to be refunded by a single issue of refunding bonds.

In all other respects, the issuance of advance refunding bonds shall be governed by and subject to the limitations described in section 57-504, Idaho Code.