US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 32
                       ANTICIPATION OF REVENUE BY STATE
    63-3203.  TAX ANTICIPATION NOTE REDEMPTION FUND. To provide for the
payment of the principal of and interest on tax anticipation notes there is
hereby created a special fund to be known as the "Tax Anticipation Note
Redemption Fund." Whenever any tax anticipation notes have been issued in
anticipation of income or revenue from taxes as authorized and directed by
this chapter, all income or revenue realized from the taxes which were
specified in the approved plan of financing to be anticipated shall be placed
in the tax anticipation note redemption fund until such time as the funds
accumulated therein shall be sufficient to pay the principal amount of all
such notes outstanding, together with interest thereon until paid; and the
funds so accumulated in the redemption fund are hereby appropriated and set
aside solely for such purposes; provided, however, except as otherwise
provided in the constitution of the state of Idaho nothing in this chapter
shall be construed to limit the payment of the principal and interest of tax
anticipation notes solely to the income and revenues from the specific taxes
in anticipation of which the notes were issued. Accrued interest received upon
the sale of the tax anticipation notes shall be deposited by the state
treasurer in the redemption fund. The state treasurer is authorized to invest
all moneys from time to time in the redemption fund in any authorized
investment of the state treasurer maturing at a time or times which will
permit payment of the principal of and interest on the tax anticipation notes
in a timely manner when due. The state treasurer is authorized to covenant
with the purchasers of the tax anticipation notes as to the manner of holding
moneys in the redemption fund, the investments of moneys in the redemption
fund and the disposition of any investment income therefrom either by
retaining investment income in the redemption fund to be used to pay principal
of and interest on tax anticipation notes when due or by paying the investment
income to the state treasurer for deposit into the general account in the
operating fund of the state; provided, however, whenever there is sufficient
money in the redemption fund to pay all principal of and interest on all
outstanding tax anticipation notes payable therefrom, all investment income
thereon must be paid to the state treasurer for deposit into the general
account in the state operating fund of the state.