2005 Idaho Code - 33-2125 — BONDS

                                  TITLE  33
                                  EDUCATION
                                  CHAPTER 21
                               JUNIOR COLLEGES
    33-2125.  BONDS. A dormitory housing commission shall have power to issue
bonds from time to time in its discretion, for any of its corporate purposes.
A commission shall also have power to issue refunding bonds for the purpose of
paying or retiring bonds previously issued by it. In order to carry out the
purposes of this act, a commission may issue, upon proper resolution, bonds on
which the principal and interest are payable (a) exclusively from the income
and revenue of a dormitory project financed with the proceeds of such bonds;
or (b) exclusively from such income and revenues together with grants and
contributions from the federal government or other source in aid of such
project; provided that the proceeds of grants of funds and moneys received or
to be received from the United States of America or any agency or
instrumentality thereof, pursuant to agreements entered into between the
commission and the United States of America or any agency or instrumentality
thereof prior to the issuance of the bonds, may be considered as revenue of
the project for which such bonds are issued.
    Neither the commissioners nor any person executing the bonds shall be
liable personally on the bonds by reason of the issuance thereof. The bonds
and other obligations of a commission (and such bonds and obligations shall so
state on their face) shall not be a debt or liability, direct or indirect, of
the junior college district, the state, or any political subdivision thereof,
and neither the junior college district, the state or any political
subdivision thereof, shall be liable thereon, nor in any event shall such
bonds or obligations be payable out of any funds other than those of the
commission or funds due the commission. Bonds of a commission are declared to
be issued for an essential public and governmental purpose and to be public
instrumentalities and, together with interest thereon and income therefrom,
shall be exempt from taxes.