US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 32
                       ANTICIPATION OF REVENUE BY STATE
    63-3202.  PROCEDURE FOR ISSUANCE OF NOTES. (1) Whenever the state
treasurer shall deem it to the best interests of the state of Idaho to issue
state of Idaho tax anticipation notes, as provided in section 63-3201, Idaho
Code, the state treasurer shall make written application to the state board of
examiners, stating the amount of state of Idaho tax anticipation notes the
state treasurer deems advisable to issue. Upon approval of the state board of
examiners by order or resolution duly entered on the minutes of the state
board of examiners, the state treasurer shall issue the tax anticipation notes
in accordance with the provisions of this chapter.
    (2)  Prior to the public issuance and public sale of any tax anticipation
note, the state treasurer shall prepare a written plan of financing which
shall be filed in the office of the governor. The plan of financing shall
provide for the terms and conditions under which the tax anticipation notes
shall be issued, sold and delivered, the taxes to be anticipated, the maximum
amount of tax anticipation notes which may be outstanding at any one time
under the plan of financing, the sources of payment of the tax anticipation
notes issued pursuant to the plan of financing, which may include the proceeds
of sale of notes issued to refund outstanding tax anticipation notes and to
pay accrued interest thereon, and all other details necessary in connection
with the issuance, sale and delivery of the tax anticipation notes. The plan
of financing shall specify a method pursuant to which the interest rate or
rates on the tax anticipation notes may be determined during the time the tax
anticipation notes are outstanding and shall also set forth the maximum
interest rate which the tax anticipation notes may bear.
    (3)  The tax anticipation notes shall bear interest, shall be in the form,
shall be executed in the manner, shall be payable, shall be sold in the manner
and at prices, either at, in excess of, or below the face value thereof, and
generally shall be issued in the manner and with the details as shall be set
forth in an order of the state treasurer, all in conformity with any
applicable plan of financing and with this chapter.
    (4)  Each tax anticipation note shall recite that it is a valid and
binding obligation of the state of Idaho and that the faith and credit of the
state of Idaho is solemnly pledged for the payment of the principal of and
interest thereon in accordance with its terms and the constitution and laws of
the state of Idaho.
    (5)  Each tax anticipation note shall be recorded in the office of the
state controller.
    (6)  Immediately upon the completion of any sale, the state treasurer
shall make a verified return of said sale to the state controller, specifying
the amount of notes sold, the person or persons to whom said notes were sold
and the price, terms and conditions of the sale. Immediately upon the sale of
any tax anticipation notes, the state treasurer shall credit the proceeds of
sale, other than accrued interest, to the general fund of the state.