2005 Idaho Code - 50-2904 — AUTHORITY TO CREATE REVENUE ALLOCATION AREA

                                  TITLE  50
                            MUNICIPAL CORPORATIONS
                                  CHAPTER 29
                        LOCAL ECONOMIC DEVELOPMENT ACT
    50-2904.  AUTHORITY TO CREATE REVENUE ALLOCATION AREA. An authorized
municipality is hereby authorized and empowered to adopt, at any time, a
revenue allocation financing provision, as described in this chapter, as part
of an urban renewal plan or competitively disadvantaged border community area
ordinance. A revenue allocation financing provision may be adopted either at
the time of the original adoption of an urban renewal plan or the creation by
ordinance of a competitively disadvantaged border community area or thereafter
as a modification of an urban renewal plan or the ordinance creating the
competitively disadvantaged border community area. Urban renewal plans
existing prior to the effective date of this section  may be modified to
include a revenue allocation financing provision. Except as provided below, no
revenue allocation provision of an urban renewal plan or competitively
disadvantaged border community area ordinance, including all amendments
thereto, shall have a duration exceeding twenty-four (24) years from the date
the ordinance is approved by the municipality. The duration of the revenue
allocation financing provision may be extended if:
    (1)  The maturity date of any bonds issued to provide funds for a specific
project in the revenue allocation area and payable from the revenue allocation
financing provision exceeds the duration of the revenue allocation financing
provision, provided such bond maturity is not greater than thirty (30) years;
or
    (2)  The urban renewal agency determines that it is necessary to refinance
outstanding bonds payable from the revenue allocation financing provision to a
maturity exceeding the twenty-four (24) year duration of the revenue
allocation financing provision in order to avoid a default on the bonds; or
    (3)  The local governing body has adopted an urban renewal plan or
competitively disadvantaged border community area ordinance or an amendment to
an urban renewal plan or competitively disadvantaged border community area
ordinance prior to July 1, 2000, in which is defined the duration of the plan
beyond a period of twenty-four (24) years, in which case the revenue
allocation provision shall have a duration as described in such urban renewal
plan or competitively disadvantaged border community ordinance; and
    (4)  During the extensions set forth in subsections (1) and (2) of this
section, any revenue allocation revenues exceeding the amount necessary to
repay the bonds during the period exceeding the twenty-four (24) year maturity
of the revenue allocation financing provision shall be returned to the taxing
districts in the revenue allocation area on a pro rata basis.