2005 Idaho Code - 39-1449 — BONDS

                                  TITLE  39
                              HEALTH AND SAFETY
                                  CHAPTER 14
                              HEALTH FACILITIES
    39-1449.  BONDS. (a) The authority is authorized from time to time to
issue its bonds in such principal amount as the authority shall determine for
the purpose of financing all or a part of the cost of any facilities
authorized hereby or for the refinancing of outstanding obligations. In
anticipation of the sale of such bonds, the authority may issue bond
anticipation notes and may renew the same from time to time. Such notes shall
be paid from any revenues of the authority or other moneys available therefor
and not otherwise pledged, or from the proceeds of sale of the bonds of the
authority in anticipation of which they were issued. The notes shall be issued
in the same manner as bonds. Such notes and the resolution or resolutions
authorizing the same may contain any provisions, conditions or limitations
which a bond resolution of the authority may contain.
    (b)  The bonds may be issued as serial bonds or as term bonds or a
combination of both types. All bonds issued by the authority shall be payable
solely out of the revenues and receipts derived from the leasing, mortgaging
or sale by the authority of the facilities concerned or of any part thereof as
may be designated in the resolutions of the authority under which the bonds
shall be authorized to be issued or as may be designated in a trust indenture
authorized by the authority, which such trust indenture shall name a bank or
trust company within or without the state of Idaho as trustee or from other
moneys available therefor and not otherwise pledged. Such bonds may be
executed and delivered by the authority at any time and from time to time, may
be in such form and denominations and of such terms and maturities, may be in
fully registered form or in bearer form registerable either as to principal or
interest or both, may bear such conversion privileges and be payable in such
instalments and at such time or times not exceeding forty (40) years from the
date thereof, may be payable at such place or places whether within or without
the state of Idaho, may bear interest at such rate or rates per annum as shall
be determined by the authority and without regard to any interest rate
limitation appearing in any other law, payable at such time or times and at
such place or places and evidenced in such manner, may be executed by such
officers of the authority, either manually or by facsimile, and coupon bonds
shall have attached thereto interest coupons bearing the facsimile signature
of an authorized officer of the authority and may contain such provisions not
inconsistent herewith, all as shall be provided in the resolutions of the
authority whereunder the bonds shall be authorized to be issued or as shall be
provided in a trust indenture authorized by the authority. Notwithstanding any
provision of this section to the contrary, in the case of obligations maturing
not later than one (1) year from the date of issuance thereof, the authority
may authorize the executive director, associate executive director or any
officer of the authority to fix principal amounts, maturity dates, interest
rates, and purchase prices of any particular  issue of such short-term
obligations, subject to such limitations as to maximum term, maximum principal
amount outstanding, and maximum interest rates as the authority shall
prescribe by resolution. Any such authorization shall remain effective for the
period of time designated in the resolution, regardless of whether the
composition of the authority changes in the interim.
    (c)  If deemed advisable by the authority there may be retained in the
resolutions or the trust indenture under which any bonds of the authority are
authorized to be issued an option to redeem all or any part thereof as may be
specified in such resolutions or in such trust indenture, at such price or
prices and after such notice or notices and on such terms and conditions as
may be set forth in such resolutions or in such trust indenture, and as may be
briefly recited on the face of the bonds, but nothing herein contained shall
be construed to confer on the authority the right or option to redeem any
bonds except as may be provided in the resolutions or in such trust indenture
under which they shall be issued.
    (d)  The bonds or notes of the authority may be sold at public or private
sale for such price or prices and in such manner and from time to time as may
be determined by the authority, and the authority may pay all expenses,
premiums and commissions which it may deem necessary or advantageous in
connection with the issuance thereof. The power to fix the date of sale of
bonds and notes, to receive bids or proposals, to award and sell bonds and
notes, and to take all other necessary action to sell and deliver bonds and
notes may be delegated to the executive director of the authority by
resolution of the authority. Pending preparation of the definitive bonds, the
authority may issue interim receipts or certificates which shall be exchanged
for such definitive bonds.
    (e)  Issuance by the authority of one (1) or more series of bonds for one
(1) or more purposes shall not preclude it from issuing other bonds in
connection with the same facilities or any other facilities or any other
purpose hereunder, but the resolutions or trust indenture whereunder any
subsequent bonds may be issued shall recognize and protect any prior pledge or
mortgage made for any prior issue of bonds. Any bonds of the authority at any
time outstanding may at any time and from time to time be refunded by the
authority by the issuance of its bonds for such purpose in such amount as the
authority may deem necessary and, if deemed advisable by the authority, for
the additional purpose of paying all or any part of the cost of constructing
and acquiring additions, improvements, extensions or enlargements of a
facility or any portion thereof.
    Any such refunding may be effected whether the bonds to be refunded shall
have then matured or shall thereafter mature, either by sale of the refunding
bonds and the application of the proceeds thereof for the payment of the bonds
to be refunded thereby, or by the exchange of the refunding bonds for the
bonds to be refunded thereby with the consent of the holders of the bonds so
to be refunded, and regardless of whether or not the bonds to be refunded were
issued in connection with the same facilities or separate facilities or for
any other purpose hereunder, and regardless of whether or not the bonds
proposed to be refunded shall be payable on the same date or different dates
or shall be due serially or otherwise. The proceeds of any such bonds issued
for the purpose of refunding outstanding bonds may, in the discretion of the
authority, be applied to the purchase or retirement at maturity or redemption
of such outstanding bonds either on their earliest or any subsequent
redemption date or upon the purchase or at the maturity thereof and may,
pending such application, be placed in escrow to be applied to such purchase
or retirement at maturity or redemption on such date as may be determined by
the authority. Any such escrowed proceeds, pending such use, may be invested
and reinvested in obligations determined by the authority. The interest,
income and profits, if any, earned or realized  on any such investment may
also be applied to the payment of the outstanding bonds or notes to be so
refunded, to the payment of principal or interest on the refunding bonds or
may be used by the authority in any lawful manner. After the terms of the
escrow have been fully satisfied and carried out, any balance of such proceeds
and interest, income and profits, if any, earned or realized on the
investments thereof may be returned to the authority for use by it in any
lawful manner. The portion of the proceeds of any such bonds issued for the
additional purpose of paying all or any part of the cost of constructing and
acquiring additions, improvements, extensions or enlargements of a facility
may be invested and reinvested in obligations determined by the authority. The
interest, income and profits, if any, earned or realized on such investment
may be applied to the payment of all or any part of such cost or may be used
by the authority in any lawful manner. All such bonds shall be subject to the
provisions of this act in the same manner and to the same extent as other
bonds issued pursuant to this act. All bonds and the interest coupons
applicable thereto are hereby made and shall be construed to be negotiable
instruments within the meaning of and for all the purposes of article 8,
uniform commercial code, subject only to the provisions of such bonds, notes
or other obligations for registration.