2010 Idaho Code
TITLE 67 STATE GOVERNMENT AND STATE AFFAIRS
CHAPTER 87 IDAHO BOND BANK AUTHORITY
67-8716 UNLIMITED SALES TAX ACCOUNT PLEDGE.

TITLE 67

STATE GOVERNMENT AND STATE AFFAIRS

CHAPTER 87

IDAHO BOND BANK AUTHORITY

67-8716. Unlimited sales tax account pledge. (1) If sufficient moneys are not available to pay debt service on the bonds of the authority, except for bonds the authority has specifically designated not to receive payment from the sales tax, as of five (5) days prior to the scheduled payment date of such bonds, the state treasurer shall give notice to the state tax commission, certifying the amount of the deficiency, at least five (5) days prior to the scheduled payment date. After receipt of the certified notice from the state treasurer pursuant to this subsection (1), the state tax commission shall:

(a) Immediately fix the amount necessary and in the amount of the deficiency stated in the notice; and

(b) Cause state sales tax moneys subject to distribution under section 63-3638, Idaho Code, to be transferred from the state sales tax account and deposited in the bond bank authority fund, which is hereby statutorily created in the state treasury; provided however, that in no event shall a transfer of moneys from the state sales tax account under the provisions of this chapter impede or otherwise affect the payment of sales tax moneys pledged for the payment on other state bonds outstanding on the effective date of this act or subsequently issued as tax anticipation notes pursuant to section 63-3202, Idaho Code.

(2) Moneys transferred from the state sales tax account to the bond bank authority fund pursuant to subsection (1) of this section shall be deposited in the reserve fund as replacement moneys for amounts withdrawn from the reserve fund to pay debt service on the bonds pursuant to section 67-8725, Idaho Code, to the extent such moneys are derived from amounts appropriated to the reserve fund by the legislature, or shall be used to pay debt service when due on bonds for which other moneys available pursuant to section 67-8727, Idaho Code, are insufficient.

(3) The state of Idaho pledges to and agrees with the holders of any bonds that the state will not alter, impair or limit the rights vested by the sales tax account pledge provided in this section and in section 63-3638, Idaho Code, with respect to the bonds until the bonds, together with applicable interest, are fully paid and discharged.

(4) To the extent that other legally available revenues and funds of the state are sufficient to meet the certified deficiency, the transfer of moneys from the sales tax account in section 63-3638, Idaho Code, is abated.