2005 Idaho Code - 50-1916 — BONDS

                                  TITLE  50
                            MUNICIPAL CORPORATIONS
                                  CHAPTER 19
                           HOUSING AUTHORITIES AND
                               COOPERATION LAW
    50-1916.  BONDS. An authority shall have power to issue bonds, from time
to time, in its discretion, for any of its corporate purposes. An authority
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
sections 50-1901 through 50-1927, Idaho Code, an authority may issue, upon
proper resolution, bonds on which the principal and interest are payable: (a)
exclusively from the income and revenue of a housing 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, or (c) from all or part of its revenues or
assets generally. Any such bonds may be additionally secured by a pledge of
any income or revenues of the authority, or a mortgage of any housing project,
projects or other property of the authority.  Any pledge made by the authority
shall be valid and binding from the time when the pledge is made and recorded;
the revenues, moneys or property so pledged and thereafter received by the
authority shall immediately be subject to the lien of the pledge without any
physical delivery thereof or further act, and the lien of any such pledge
shall be valid and binding as against all parties having claims of any kind in
tort, contract or otherwise against the authority, irrespective or whether the
parties have notice thereof.
    Neither the commissioners of any authority 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 an authority shall state on their
face that they shall not be a debt of the city, the county, the state nor any
political subdivision thereof and neither the city, the county, the state nor
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 said authority. Bonds of an authority 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.