2005 Idaho Code - 50-2909 — ISSUANCE OF BONDS -- BOND PROVISIONS

                                  TITLE  50
                            MUNICIPAL CORPORATIONS
                                  CHAPTER 29
                        LOCAL ECONOMIC DEVELOPMENT ACT
    50-2909.  ISSUANCE OF BONDS -- BOND PROVISIONS. (1) If the local governing
body of an authorized municipality has enacted an ordinance adopting a revenue
allocation financing provision as part of an urban renewal plan, the urban
renewal agency established by such municipality is hereby authorized and
empowered:
    (a)  To apply the revenues allocated to it pursuant to section 50-2908,
    Idaho Code, for payment of the projected costs of any urban renewal
    project located in the revenue allocation area;
    (b)  To borrow money, incur indebtedness and issue one (1) or more series
    of bonds to finance or refinance, in whole or in part, the urban renewal
    projects authorized pursuant to such plan within the limits established by
    paragraph (c) of this subsection; and
    (c)  To pledge irrevocably to the payment of principal of and interest on
    such moneys borrowed, indebtedness incurred or bonds issued by the agency
    the revenues allocated to it pursuant to section 50-2908, Idaho Code.
All bonds issued under this section shall be issued in accordance with section
50-2012, Idaho Code, except that such bonds shall be payable solely from the
special fund or funds established pursuant to section 50-2908, Idaho Code.
    (2)  The agency shall be obligated and bound to pay such borrowed moneys,
indebtedness, and bonds as the same shall become due, but only to the extent
that the moneys are available in a special fund or funds established under
section 50-2908, Idaho Code; and the agency is authorized to maintain an
adequate reserve therefor from any moneys deposited in such a special fund or
funds.
    (3)  Nothing in this chapter shall in any way impair any powers an urban
renewal agency may have under subsection (a) of section 50-2012, Idaho Code.
    (4)  When the revenue allocation area plan budget described in section
50-2903(5), Idaho Code, estimates that all financial obligations have been
provided for, the principal of and interest on such moneys, indebtedness and
bonds have been paid in full, or when deposits in the special fund or funds
created under this chapter are sufficient to pay such principal and interest
as they come due, and to fund reserves, if any, or any other obligations of
the agency funded through revenue allocation proceeds shall be satisfied and
the agency has determined no additional project costs need be funded through
revenue allocation financing, the allocation of revenues under section
50-2908, Idaho Code, shall thereupon cease; any moneys in such fund or funds
in excess of the amount necessary to pay such principal and interest shall be
distributed to the affected taxing districts in which the revenue allocation
area is located in the same manner and proportion as the most recent
distribution to the affected taxing districts of the taxes on the taxable
property located within the revenue allocation area; and the powers granted to
the urban renewal agency under section 50-2909, Idaho Code, shall thereupon
terminate.