US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 31
                           ANTICIPATION OF REVENUE
                             BY TAXING DISTRICTS
    63-3102.  AUTHORITY TO BORROW MONEY. Any taxing district shall have power
from time to time by resolution to borrow money and issue revenue anticipation
bonds or notes, bearing interest at such rate as may be determined by the
governing board, and maturing not more than one (1) year from the date
thereof, for the purpose of providing funds in anticipation of the collection
of taxes of the current fiscal year, in anticipation of the distribution of
state appropriated funds, and in anticipation of other revenues of any nature,
for the year in which said revenue anticipation bonds or notes are issued,
exclusive of taxes required to be raised to pay the principal of outstanding
bonded indebtedness of the taxing district, the proceeds of such bonds or
notes to be used for the purpose for which said taxes are levied or such funds
or other revenues are appropriated. The amount authorized to be borrowed by
means of such revenue anticipation bonds or notes shall not exceed
seventy-five per cent (75%) of the taxes levied for the current fiscal year
and not yet collected by said taxing district, seventy-five per cent (75%) of
the anticipated distribution from the public school income fund not yet
collected for the current fiscal year, and seventy-five per cent (75%) of
other revenues anticipated, as shown by the budget duly adopted by the taxing
district and certified in accordance with section 63-804, Idaho Code, and not
yet collected for the fiscal year. If the tax levy or budget for any fiscal
year has not been completed, then the amount of revenue anticipation bonds or
notes issued in anticipation of taxes, state funds, or other revenues to be
levied for such fiscal year shall not exceed seventy-five per cent (75%) of
the taxes levied or state funds or other revenues received by said taxing
district in the previous fiscal year. In determining the amount of revenue
anticipation bonds or notes which may be issued, the governing body shall
declare in the resolution providing for the issuance of such bonds or notes
the amount of taxes levied or state funds or other revenues anticipated for
the current fiscal year and the amount of such taxes or state funds or other
revenues anticipated not yet collected by said taxing district, or in the
event that the tax levy or budget for the fiscal year has not been completed,
the governing authority shall declare in the resolution providing for the
issuance of such revenue anticipation bonds or notes the amount of taxes
levied or state funds or other revenues received by said taxing district in
the previous fiscal year. In each instance, taxes raised or to be raised to
pay the principal of outstanding bonded indebtedness of the taxing district
shall not be included in the amount of taxes or state funds or other revenues
anticipated against which such revenue anticipation bonds or notes are
authorized to be issued. Such revenue anticipation bonds or notes shall be
negotiable instruments, and the full faith, credit and resources of the taxing
district shall be pledged for the payment of the same. Such bonds or notes
shall be issued in such form and detail as shall be determined by the
governing authority of the taxing district by resolution duly adopted.