2000 Legislation
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SENATE BILL NO. 1536 – Agricultural facilities, loans

SENATE BILL NO. 1536

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Daily Data Tracking History



S1536......................................................by STATE AFFAIRS
AGRICULTURAL FACILITIES - Amends existing law to authorize the Idaho
Housing and Finance Association to make loans for agricultural facilities.
                                                                        
02/29    Senate intro - 1st rdg - to printing
03/01    Rpt prt - to St Aff
03/07    Rpt out - rec d/p - to 2nd rdg
03/08    2nd rdg - to 3rd rdg
03/14    3rd rdg - PASSED - 25-7-3
      AYES--Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
      Danielson, Darrington, Deide, Dunklin, Frasure, Geddes, Hawkins,
      Keough, McLaughlin, Noh, Richardson, Riggs, Risch, Sandy, Schroeder,
      Sorensen, Thorne, Wheeler, Williams
      NAYS--Crow, Davis, Ipsen, Lee, Stegner, Stennett, Whitworth
      Absent and excused--Ingram, King-Barrutia, Parry
    Floor Sponsor - Sandy
    Title apvd - to House
03/15    House intro - 1st rdg - to Agric Aff
03/21    Rpt out - rec d/p - to 2nd rdg
03/22    2nd rdg - to 3rd rdg
03/30    3rd rdg - PASSED - 61-0-9
      AYES -- Alltus, Barraclough, Barrett, Bell, Bieter, Boe, Bruneel,
      Callister, Campbell, Chase, Cheirrett, Clark, Crow, Cuddy, Deal,
      Denney, Ellsworth, Field(13), Field(20), Gagner, Geddes, Hadley,
      Hansen(23), Hansen(29), Henbest, Hornbeck, Jaquet, Jones(Jones),
      Judd, Kellogg, Kempton, Kendell, Kunz, Lake, Linford, Loertscher,
      Mader, Marley, Meyer, Montgomery, Mortensen, Moss, Moyle, Pearce,
      Pomeroy, Ridinger, Ringo, Robison, Sali, Sellman, Shepherd, Smith,
      Smylie, Stevenson, Stoicheff, Stone, Tilman, Trail, Wheeler, Wood,
      Zimmermann
      NAYS -- None
      Absent and excused -- Black, Gould, Hammond, McKague, Pischner,
      Reynolds, Schaefer, Taylor, Mr Speaker
    Floor Sponsor - Chase
    Title apvd - to Senate
03/31    To enrol
04/03    Rpt enrol - Pres signed - Sp signed
04/04    To Governor
04/14    Governor signed
         Session Law Chapter 364
         Effective: 04/14/00

Bill Text


 S1536
                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-fifth Legislature                  Second Regular Session - 2000
                                                                        
                                                                        
                                       IN THE SENATE
                                                                        
                                    SENATE BILL NO. 1536
                                                                        
                                 BY STATE AFFAIRS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO THE  IDAHO  HOUSING  AND  FINANCE  ASSOCIATION;  AMENDING  SECTION
  3        67-6201,  IDAHO  CODE,  TO  INCLUDE  ASSISTANCE  TO  BEGINNING FARMERS AND
  4        RANCHERS FOR AGRICULTURAL FACILITIES AS PUBLIC PURPOSES; AMENDING  SECTION
  5        67-6205, IDAHO CODE, TO PROVIDE AN ADDITIONAL DEFINITION AND TO MAKE TECH-
  6        NICAL CORRECTIONS; AMENDING SECTION 67-6206, IDAHO CODE, TO PROVIDE POWERS
  7        RELATING  TO  THE  FINANCING  OF AGRICULTURAL FACILITIES; AMENDING SECTION
  8        67-6207A, IDAHO CODE, TO PROVIDE FOR LOANS  FOR  AGRICULTURAL  FACILITIES;
  9        AMENDING  SECTION 67-6223, IDAHO CODE, TO PROVIDE FOR AUTHORITY TO RECEIVE
 10        STATE OR FEDERAL ASSISTANCE FOR AGRICULTURAL FACILITIES AND  FOR  COOPERA-
 11        TION WITH THE IDAHO DEPARTMENT OF AGRICULTURE; AND DECLARING AN EMERGENCY.
                                                                        
 12    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
 13        SECTION  1.  That  Section 67-6201, Idaho Code, be, and the same is hereby
 14    amended to read as follows:
                                                                        
 15        67-6201.  PURPOSE. It is hereby declared:
 16        (a)  That within the state there is a shortage of safe or sanitary  dwell-
 17    ing  accommodations available which persons of low incomes can afford and that
 18    such persons are forced to occupy overcrowded and congested dwelling  accommo-
 19    dations; that the aforesaid conditions cause an increase in and spread of dis-
 20    ease and crime, and constitute a menace to the health, safety, morals and wel-
 21    fare of the residents of the state and impair economic values; that these con-
 22    ditions  necessitate  excessive  and  disproportionate  expenditures of public
 23    funds for crime prevention and punishment, public health and safety, fire  and
 24    accident protection, and other public services and facilities.
 25        (b)  That  private enterprise has not been able to provide, without assis-
 26    tance, an adequate supply of safe and sanitary dwellings at  prices  or  rents
 27    which persons and families of low income can afford, or to achieve rehabilita-
 28    tion of much of the present low-income housing. It is imperative that the sup-
 29    ply  of  housing  for persons and families of low income be increased and that
 30    coordination and cooperation among private enterprise, state and local govern-
 31    ment be encouraged to sponsor, build and rehabilitate residential housing  for
 32    such persons and families.
 33        (c)  That  the  clearance,  replanning  and reconstruction of the areas in
 34    which unsanitary or unsafe housing conditions exist, and the providing of safe
 35    and sanitary  dwelling  accommodations  for  persons  of  low  incomes  (which
 36    dwelling-accommodations need not be solely for persons of low incomes in order
 37    to  avoid  concentrations of such persons in specific localities),  are public
 38    uses, and uses and purposes for which public money may be  spent  and  private
 39    property acquired, and are governmental functions.
 40        (d)  It is also declared and the legislature hereby finds that charitable,
 41    educational,  human  service, cultural and other purposes pursued by nonprofit
 42    corporations are important public functions and public purposes that should be
 43    encouraged and that financing  of  nonprofit  facilities  for  these  purposes
                                                                        
                                       2
                                                                        
  1    should  be  encouraged, without using state funds or lending the credit of the
  2    state, through the issuance of nonrecourse revenue bonds and  the  lending  of
  3    the proceeds thereof to nonprofit corporations to promote their purposes.
  4        (e)  It is further declared that in this state:
  5        (1)  There  exists  an inadequate supply of funds at interest rates suffi-
  6        ciently low to enable persons engaged in agriculture in this  state,  par-
  7        ticularly  beginning  farmers  and ranchers, to pursue agricultural opera-
  8        tions at present levels;
  9        (2)  That such inability to pursue  agricultural  operations  lessens  the
 10        supply  of  agricultural commodities available to fulfill the needs of the
 11        citizens of this state;
 12        (3)  That  such  inability  to  continue  operations  decreases  available
 13        employment in the agricultural sector of the state and  results  in  unem-
 14        ployment and its attendant problems;
 15        (4)  That  such  conditions prevent the acquisition of an adequate capital
 16        stock of farm and ranch equipment and machinery, therefore  impairing  the
 17        productivity of agricultural land;
 18        (5)  That  such  conditions  are  conducive to consolidation of acreage of
 19        agricultural land with fewer individuals living and farming  and  ranching
 20        on the traditional family farm and ranch;
 21        (6)  That  these  conditions  result in a loss in population, unemployment
 22        and movement of persons from rural to urban  areas  accompanied  by  added
 23        costs to communities for creation of new public facilities and services;
 24        (7)  That there have been recurrent shortages of funds from private market
 25        sources at reasonable rates of interest;
 26        (8)  That  these shortages have made the sale and purchase of agricultural
 27        land to beginning farmers and ranchers a  virtual  impossibility  in  many
 28        parts of the state;
 29        (9)  That  the  ordinary  operations of private enterprise have not in the
 30        past corrected these conditions; and
 31        (10) That a stable supply of adequate funds for agricultural financing  is
 32        required  to  encourage  beginning  farmers and ranchers in an orderly and
 33        sustained manner and to reduce the problems described herein.
 34        (f)  It is hereby further declared that all of the  foregoing  are  public
 35    purposes and uses for which public moneys may be borrowed, expended or granted
 36    and that such activities are governmental functions and serve a public purpose
 37    in improving or otherwise benefiting the people of this state; that the neces-
 38    sity  of enacting the provisions hereinafter set forth is in the public inter-
 39    est and is hereby so declared as a matter of  express  legislative  determina-
 40    tion.
                                                                        
 41        SECTION  2.  That  Section 67-6205, Idaho Code, be, and the same is hereby
 42    amended to read as follows:
                                                                        
 43        67-6205.  DEFINITIONS. The following terms, wherever used or  referred  to
 44    in  this  chapter, shall have the following respective meanings, unless a dif-
 45    ferent meaning clearly appears from the context:
 46        (a)  "Association" or "housing association" shall mean the  Idaho  housing
 47    and finance association created by section 67-6202, Idaho Code.
 48        (b)  "Housing project" shall mean any work or undertaking:
 49        (1)  tTo demolish, clear or remove buildings from any slum area; such work
 50        or  undertaking  may embrace the adoption of such area to public purposes,
 51        including parks or other recreational or community purposes; or
 52        (2)  tTo construct, sell, lease, finance, improve,  operate  or  otherwise
 53        provide  decent, safe and sanitary urban or rural dwellings, apartments or
                                                                        
                                       3
                                                                        
  1        other living accommodations for persons of low income; such work or under-
  2        taking may include buildings, land, equipment, facilities and  other  real
  3        or personal property which are necessary, convenient or desirable appurte-
  4        nances,  such  as,  but  not  limited  to, streets, sewers, water service,
  5        parks, site preparation,  gardening,  administrative,  community,  health,
  6        recreational, and welfare or other purposes; or
  7        (3)  tTo  accomplish  a  combination  of  the foregoing. The term "housing
  8        project" also may be applied to the planning of the buildings and improve-
  9        ments, for either single or multi-family housing, the acquisition of prop-
 10        erty, the demolition of existing structures, the construction, reconstruc-
 11        tion, rehabilitation, alteration and repair of the buildings and  improve-
 12        ments and all other work in connection therewith.
 13        (c)  "Governing body" shall mean the city council, board of commissioners,
 14    board  of  trustees  or  other body having charge of the locality in which the
 15    association desires to undertake a housing project.
 16        (d)  "Federal government" shall include the United States of  America,  or
 17    any  other  agency  or  instrumentality, corporate or otherwise, of the United
 18    States of America.
 19        (e)  "City" shall mean any city in the state of Idaho, including each city
 20    having a special charter.
 21        (f)  "County" or "counties" shall include all counties  in  the  state  of
 22    Idaho as designated in chapter 1, title 31, Idaho Code.
 23        (g)  "Clerk" shall mean the clerk of the city or county as the case may be
 24    or the officer charged with the duties customarily imposed on such clerk.
 25        (h)  "Area of operation" shall mean the state of Idaho.
 26        (i)  "Slum" shall mean any area where dwellings predominate which, by rea-
 27    son  of  dilapidation,  overcrowding,  lack  of ventilation, light or sanitary
 28    facilities or any combination of these factors,  are  detrimental  to  safety,
 29    health or morals.
 30        (j)  "Person  of  low-income"  means  persons  deemed  by the association,
 31    including those defined as "elderly" in the United States Housing Act of  1937
 32    [42  U.S.C.,  sec.  1437--1437dd], as amended, to require assistance available
 33    under this act on account of insufficient personal or family  income,  to  pay
 34    the  rents  or  carrying  charges required by the unaided operation of private
 35    enterprise in providing an adequate supply of decent, safe and sanitary  hous-
 36    ing and in making such determination the association shall take into consider-
 37    ation, without limitation, such factors as:
 38        (1)  tThe amount of the total income of such persons available for housing
 39        needs,;
 40        (2)  tThe size of the family,;
 41        (3)  tThe cost and condition of housing facilities available,;
 42        (4)  sStandards  established for various federal programs determining eli-
 43        gibility based on income of such persons,; and
 44        (5)  tThe ability of such persons to compete successfully  in  the  normal
 45        housing  market and to pay the amounts at which private enterprise is pro-
 46        viding decent, safe and sanitary housing.
 47        (k)  "Bonds," "notes" or  "bond  anticipation  notes,"  and  "obligations"
 48    shall  mean  any  bonds, notes, interim certificates, debentures or other evi-
 49    dences of financial indebtedness issued by the association  pursuant  to  this
 50    chapter.
 51        (l)  "Real  property"  shall include all lands, including improvements and
 52    fixtures thereon, and property of any nature, appurtenant thereto, or used  in
 53    connection  therewith,  and every estate, interest and right, legal or equita-
 54    ble, therein, including terms for years and liens by way of judgment, mortgage
 55    or otherwise and the indebtedness secured by such liens.
                                                                        
                                       4
                                                                        
  1        (m)  "Housing authority" or "authority" means a housing  authority  estab-
  2    lished  pursuant to the "housing authorities and cooperation law" constituting
  3    chapter 19, title 50, Idaho Code.
  4        (n)  "Rent" shall mean the periodic payment made by a person of low-income
  5    in a housing project whether such money is being used  as  rent,  or  for  the
  6    development of equity by such person.
  7        (o)  "Interim financing" means a short-term construction loan for planning
  8    and/or  development of residential housing for persons of low-income and other
  9    persons which loan shall run until financing can be assumed through other fed-
 10    eral, state or private financing.
 11        (p)  "Housing sponsor" means individuals,  joint  ventures,  partnerships,
 12    limited  partnerships,  public  bodies,  trusts, firms, associations, or other
 13    legal entities or any combination thereof, and corporations, cooperatives, and
 14    condominiums, approved by the association as qualified  either  to  own,  con-
 15    struct,  acquire, rehabilitate, operate, manage or maintain a housing project,
 16    subject to the regulatory powers of the association and other terms and condi-
 17    tions set forth in this  chapter.  A  "housing  sponsor"  shall  be  either  a
 18    "limited profit" sponsor or a "nonprofit" sponsor.
 19        (q)  "Mortgage  lender"  means  any  bank  or trust company, savings bank,
 20    mortgage company, mortgage banker, credit union, national banking association,
 21    savings and loan association, building and loan  association,  life  insurance
 22    company,  and  any other financial institution authorized to transact business
 23    in the state.
 24        (r)  "Mortgage loan" means an interest-bearing  obligation  secured  by  a
 25    deed  of trust, a mortgage, bond, note, or other instrument which is a lien on
 26    property in the state except in the case of loans insured by the federal hous-
 27    ing administration or the association and which are made for  the  rehabilita-
 28    tion  or improvement of existing dwellings; in such case the loans need not be
 29    secured by an instrument constituting a lien on property in the state.
 30        (s)  "Mixed income housing project" means a housing project which contains
 31    dwellings occupied or to be occupied by persons of low-income constituting  at
 32    least twenty percent (20%) of such occupancy.
 33        (t)  "Facilities"  means  land,  rights  in  land,  buildings, structures,
 34    equipment, landscaping, utilities, approaches, roadways and parking,  handling
 35    and  storage areas, and portions of any of the foregoing and similar ancillary
 36    facilities.
 37        (u)  "Nonprofit corporation" means a nonprofit corporation  organized  and
 38    operating  in  accordance  with Idaho law or a nonprofit corporation organized
 39    and operating in accordance with comparable laws within another state or  ter-
 40    ritory of the United States.
 41        (v)  "Nonprofit  facilities" means facilities owned or used by a nonprofit
 42    corporation for a nonprofit purpose of the corporation; provided that  facili-
 43    ties  for  health facilities which may be funded pursuant to chapter 14, title
 44    39, Idaho Code, shall not be included in  this  definition,  except  for  such
 45    health  facilities as may be specifically approved by the Idaho health facili-
 46    ties authority.
 47        (w)  "Project costs of a nonprofit facility" means costs of:
 48        (1)  aAcquisition, construction and improvement of any facilities included
 49        in a nonprofit facility;
 50        (2)  aArchitectural, engineering, consulting, accounting and  legal  costs
 51        related  directly to the development, financing and construction of a non-
 52        profit facility, including costs of studies assessing the feasibility of a
 53        nonprofit facility;
 54        (3)  fFinance costs, including discounts, if any,  the  costs  of  issuing
 55        bonds, and costs incurred in carrying out any provisions thereof;
                                                                        
                                       5
                                                                        
  1        (4)  iInterest  during  construction  and  during the six (6) months after
  2        estimated completion of construction,  and  capitalized  debt  service  or
  3        repair and replacement or other appropriate reserves;
  4        (5)  tThe refunding of any outstanding obligations incurred for any of the
  5        costs outlined in this subsection; and
  6        (6)  oOther costs incidental to any of the costs listed in this section.
  7        (x)  "Agricultural  facility  or  facilities"  means land, any building or
  8    other improvement thereon or thereto, to be owned by  a  beginning  farmer  or
  9    rancher  and  any  personal  properties  deemed necessary or suitable for use,
 10    whether or not now in existence in farming  or  ranching,  the  production  of
 11    agricultural commodities, including, without limitation, the products of aqua-
 12    culture,  hydroponics and silviculture, or the treating, processing or storing
 13    of such agricultural commodities when such activities are customarily  engaged
 14    in by beginning farmers or ranchers as a part of farming or ranching.
                                                                        
 15        SECTION  3.  That  Section 67-6206, Idaho Code, be, and the same is hereby
 16    amended to read as follows:
                                                                        
 17        67-6206.  POWERS OF ASSOCIATION. The housing and finance association is an
 18    independent public body corporate and politic, exercising public and essential
 19    governmental functions, and having all the powers which are hereby declared to
 20    be public purposes necessary or convenient to carry  out  and  effectuate  the
 21    purposes  and  provisions of this act, including the following powers in addi-
 22    tion to others herein granted:
 23        (a)  To sue and to be sued; to have a seal and to alter the same at pleas-
 24    ure; to have perpetual succession; to make and  execute  contracts  and  other
 25    instruments necessary or convenient to the exercise of the powers of the asso-
 26    ciation; and to make and from time to time amend and repeal bylaws, rules, not
 27    inconsistent  with  this  act, to carry into effect the powers and purposes of
 28    the association.
 29        (b)  To conduct its operations within any or all of the  counties  of  the
 30    state.
 31        (c)  To  cooperate with housing authorities throughout Idaho in the devel-
 32    opment of housing projects.
 33        (d)  To assign priorities for action and revise or modify said  priorities
 34    from time to time.
 35        (e)  To  make and execute agreements, contracts and other instruments nec-
 36    essary or convenient in the exercise of the powers and functions of the  asso-
 37    ciation under this act, including contracts with any housing sponsor, mortgage
 38    lender,  person,  firm, corporation, governmental agency, or other entity; and
 39    to include in any contract let in  connection  with  a  project,  stipulations
 40    requiring  that the contractor and any subcontractors comply with requirements
 41    as to minimum wages and maximum hours of labor, and comply with any conditions
 42    which the federal government may have attached to its  financial  aid  of  the
 43    project  and  to  designate  mortgage  lenders to act for and in behalf of the
 44    association, with respect to originating or servicing and processing  mortgage
 45    loans  of the association, and to pay the reasonable value of service rendered
 46    to the association by such mortgage lenders pursuant to contracts  with  mort-
 47    gage lenders.
 48        (f)  To  lease,  sell, construct, finance, reconstruct, restore, rehabili-
 49    tate, operate or rent any housing projects, nonprofit facilities or any dwell-
 50    ings, houses,  accommodations,  lands,  buildings,  structures  or  facilities
 51    embraced  in  any  housing project or nonprofit facilities and, subject to the
 52    limitations contained in this act,  to  establish  and  revise  the  rents  or
 53    charges therefor.
                                                                        
                                       6
                                                                        
  1        (g)  To  own,  hold  and  improve  real or personal property; to purchase,
  2    lease, obtain options upon, acquire by gift, grant, bequest,  devise,  eminent
  3    domain or otherwise, any real or personal property or any interest therein.
  4        (h)  To  acquire  any  real  property; to sell, lease, exchange, transfer,
  5    assign, pledge or dispose of any real or personal  property  or  any  interest
  6    therein.
  7        (i)  To  insure or provide for the insurance of any real or personal prop-
  8    erty or operation of the association against any risks or hazards, and to pro-
  9    cure or agree to the procurement of insurance or guarantees from  the  federal
 10    government  or  other source for the payment or purchase of any bonds or parts
 11    thereof issued by the association, including the power to  pay  for  any  such
 12    insurance or guarantees.
 13        (j)  To  invest  any funds held in reserves or sinking funds, or any funds
 14    not required for immediate disbursement, in property or securities in which  a
 15    bank,  as  defined in the "bank act," title 26, Idaho Code, may legally invest
 16    funds including without limitation, to agree to purchase  the  obligations  of
 17    any federal, state or local government upon such conditions as the association
 18    may determine to be prudent and in its best interest.
 19        (k)  Within  its  area  of operation: to investigate into living, dwelling
 20    and housing conditions and into the means and methods of improving such condi-
 21    tions; to determine where slum areas exist or where there  is  a  shortage  of
 22    adequate, safe and sanitary dwelling accommodations for persons of low-income;
 23    to  make  studies  and  recommendations  relating  to the problem of clearing,
 24    replanning and reconstruction of slum  areas  and  the  problem  of  providing
 25    dwelling  accommodations  for persons of low-income, and to cooperate with the
 26    city, the county, the state or any political  subdivision  thereof  in  action
 27    taken in connection with such problems; and to engage in research, studies and
 28    experimentation on the subject of housing.
 29        (l)  To  participate  in cooperative ventures with any agencies, organiza-
 30    tions and individuals in order to undertake the provision of housing for  per-
 31    sons  of  low-income, or to undertake the provision of nonprofit facilities or
 32    agricultural facilities.
 33        (m)  To provide research and technical assistance  to  eligible  agencies,
 34    organizations  and  individuals  eligible  to  develop low cost housing and to
 35    research new low cost housing development and construction methods.
 36        (n)  To make and undertake commitments to make or participate in the  mak-
 37    ing  of  mortgage  loans  to  persons  of  low-income and to housing sponsors,
 38    including without limitation federally insured mortgage  loans,  and  to  make
 39    temporary  loans  and  advances  in anticipation of permanent loans to housing
 40    sponsors; said mortgage loans to housing sponsors shall be made to finance the
 41    construction, improvement, or rehabilitation of housing projects  for  persons
 42    of  low-income, and/or mixed income housing projects upon the terms and condi-
 43    tions set forth in this act; provided, however, that such loans shall be  made
 44    only  upon  the  determination  by the association that mortgage loans are not
 45    otherwise available, wholly or in part, from private lenders  upon  reasonably
 46    equivalent terms and conditions.
 47        (o)  To  purchase,  or  make commitments to purchase or participate in the
 48    purchase of mortgage loans from mortgage lenders which loans  have  been  made
 49    for  the  construction, improvement, or rehabilitation of housing projects for
 50    persons of low-income and/or mixed income housing projects or loans which have
 51    been made to persons of low-income for residential  housing,  upon  terms  set
 52    forth  in  this  act;  provided, however, that any such purchase shall be made
 53    only upon the determination by the association that the mortgage loans  to  be
 54    made  are not otherwise being made by mortgage lenders upon reasonably equiva-
 55    lent terms and conditions. Also, to purchase, or make commitments to  purchase
                                                                        
                                       7
                                                                        
  1    or participate in the purchase of mortgage loans from mortgage lenders whether
  2    or  not said loans were made to persons of low-income, upon terms set forth in
  3    this act; provided, however, that the  proceeds  from  such  purchase  or  the
  4    equivalent  thereof  shall be reinvested in obligations of the association, in
  5    mortgage loans to persons of low-income or in mortgage loans for housing proj-
  6    ects for persons  of low-income and/or mixed income housing projects, and pro-
  7    vided that any such purchase shall be made only upon the determination by  the
  8    association that the mortgage loans to be made are not otherwise being made by
  9    mortgage lenders upon reasonably equivalent terms and conditions.
 10        (p)  To  provide  interim  financing  for housing projects including mixed
 11    income housing projects approved by the association, provided that the associ-
 12    ation has determined that such financing is not otherwise available from mort-
 13    gage lenders upon reasonably equivalent terms and conditions.
 14        (q)  To prescribe rules and policies in connection with the performance of
 15    its functions and duties.
 16        (r)  To do all other things deemed necessary and desirable  to  accomplish
 17    the objectives of this act.
 18        (s)  To  borrow  money  and issue bonds and notes or other obligations, to
 19    invest the proceeds thereof in any lawful manner and to  fund  or  refund  the
 20    same,  and to provide for the rights of the holders of its obligations as pro-
 21    vided in this act and in connection therewith,  to  waive,  by  resolution  or
 22    other  document of the association, the exemption from federal income taxation
 23    of interest on any of the association's obligations under existing  or  future
 24    federal  law and to establish, maintain and preserve the association's general
 25    obligation rating and any rating on its bonds, notes or other obligations.
 26        (t)  To receive and accept aid or contributions from any source.
 27        (u)  To employ architects, engineers, attorneys, accountants, housing con-
 28    struction and financial experts  and  such  other  advisors,  consultants  and
 29    agents as may be necessary in its judgment and to fix their compensation.
 30        (v)  To insure mortgage payments of any mortgage loan made for the purpose
 31    of  constructing,  rehabilitating, purchasing, leasing, or refinancing housing
 32    projects upon such terms and conditions as the association may prescribe.
 33        (w)  To fix and revise from time to time and charge and collect  fees  and
 34    charges  in connection with loans made or other services provided by the asso-
 35    ciation pursuant to this act, and to make and  publish  rules  respecting  the
 36    making and purchase of mortgage loans.
 37        (x)  To organize a nonprofit corporation to assist the association in pro-
 38    viding for housing projects.
 39        (y)  To  enter  upon  and  inspect  any housing project, including housing
 40    projects undertaken by housing sponsors, for the purpose of investigating  the
 41    physical  and  financial  condition thereof, and its construction, rehabilita-
 42    tion, operation, management and maintenance, and  to  examine  all  books  and
 43    records  with  respect  to  capitalization,  income and other matters relating
 44    thereto.
 45        (z)  To order such alterations, changes or repairs as may be necessary  to
 46    protect  the  security  of  its investment in a housing project or the health,
 47    safety, and welfare of the occupants thereof.
 48        (aa) To make or purchase secured loans for the purpose of providing tempo-
 49    rary or permanent financing or refinancing of all or part of the project costs
 50    of any nonprofit facility or agricultural facility, including the refunding of
 51    any outstanding obligations, mortgages or advances issued, made  or  given  by
 52    any  person  for  the  project  costs  of a nonprofit facility or agricultural
 53    facility; and to charge and collect interest on the loans for  the  loan  pay-
 54    ments upon such terms and conditions, including without limitation bond rating
 55    and  issuance  conditions,  as  the board of commissioners considers advisable
                                                                        
                                       8
                                                                        
  1    which are not in conflict with this chapter.
  2        (bb) As security for the payment of the principal of and interest  on  any
  3    revenue bonds issued and any agreements made in connection therewith, to mort-
  4    gage,  pledge,  or  otherwise  encumber  any or all of nonprofit facilities or
  5    agricultural facilities or any part or parts thereof, whether  then  owned  or
  6    thereafter acquired, and to assign any mortgage and repledge any security con-
  7    veyed  to  the  association, to secure any loan made by the association and to
  8    pledge the revenues and receipts therefrom.
  9        (cc) To issue bonds for the purpose of financing all or part of the  proj-
 10    ect  cost on any nonprofit facility or agricultural facility and to secure the
 11    payment of the bonds as provided in this chapter.
 12        (dd) To purchase or sell by installment contract or otherwise, and  convey
 13    all  or  any  part of any nonprofit facility or agricultural facility for such
 14    purchase price and upon such terms and conditions as this board of commission-
 15    ers considers advisable which are not in conflict with this chapter.
 16        (ee) To lease all or any part of any nonprofit  facility  or  agricultural
 17    facility  for  such  rentals  and  upon  such  terms and conditions, including
 18    options to purchase, as the board of commissioners considers advisable and not
 19    in conflict with this chapter.
 20        (ff) To construct and maintain one (1) or  more  nonprofit  facilities  or
 21    agricultural  facilities,  provided that the association shall not operate any
 22    nonprofit facility or agricultural facility as a business other than  as  les-
 23    sor, seller or lender. The purchase, holding and enforcing of mortgages, deeds
 24    of  trust,  or  other  security  interests  and  contracting for any servicing
 25    thereof is not considered the operation of a nonprofit  facility  or  agricul-
 26    tural facility as a business.
 27        (gg) To  act as the designated housing resource clearinghouse in the state
 28    for matters relating to affordable housing.
 29        (hh) To coordinate the development and maintenance of a housing policy for
 30    the state.
                                                                        
 31        SECTION 4.  That Section 67-6207A, Idaho Code, be, and the same is  hereby
 32    amended to read as follows:
                                                                        
 33        67-6207A.  ADDITIONAL POWERS. In addition to all other powers, the associ-
 34    ation also shall have the following specific powers:
 35        (a)  To  make  and publish rules respecting making mortgage loans pursuant
 36    to this act, the regulations of borrowers, housing sponsors, mortgage lenders,
 37    and the construction of ancillary commercial facilities.
 38        (b)  To make rules respecting the qualifications for admission to  housing
 39    projects pursuant to this act.
 40        (c)  To invest in, purchase, sell, or to make commitments to purchase, and
 41    take  assignments  from  lenders,  of notes and mortgages or other obligations
 42    evidencing loans for housing projects, or loans for  nonprofit  facilities  or
 43    loans  for agricultural facilities, at public or private sale, with or without
 44    public bidding.
 45        (d)  To make loans to mortgage lenders under terms and conditions  requir-
 46    ing the proceeds thereof to be used by such mortgage lenders for the making of
 47    new mortgage loans for housing projects.
 48        (e)  To  enter into mortgage insurance agreements with mortgage lenders in
 49    connection with the lending of money by such institutions  for  housing  proj-
 50    ects.
 51        (f)  Subject to any agreement with bondholders or noteholders, to collect,
 52    enforce  the collection of, and foreclose on any collateral securing its loans
 53    to mortgage lenders and acquire or take possession of such collateral and sell
                                                                        
                                       9
                                                                        
  1    the same at public or private sale, with or without public bidding, and other-
  2    wise deal with such collateral as may be necessary to protect the interest  of
  3    the association therein.
                                                                        
  4        SECTION  5.  That  Section 67-6223, Idaho Code, be, and the same is hereby
  5    amended to read as follows:
                                                                        
  6        67-6223.  BORROWING POWER --  FINANCIAL  ASSISTANCE  --  COOPERATION  WITH
  7    STATE  AND  FEDERAL  GOVERNMENT.  In addition to the powers conferred upon the
  8    association by other provisions of this act, the association is  empowered  to
  9    administer  any  other  state  or federal assistance program including without
 10    limitation all tax credit programs and block grants and  to  borrow  money  or
 11    accept  contributions,  grants or other financial assistance from the state or
 12    federal government for or in aid of any housing project, or nonprofit facility
 13    or agricultural facility within its area of operation, to take over  or  lease
 14    or  manage any housing project, or nonprofit facility or agricultural facility
 15    or undertaking constructed or owned by the federal government,  and  to  these
 16    ends, to comply with such conditions and to make such trust indentures, leases
 17    or  agreements as may be necessary, convenient or desirable. It is the purpose
 18    and intent of this act to authorize the association to do any and  all  things
 19    necessary or desirable to secure the financial aid or cooperation of the state
 20    or  federal government in the undertaking, construction, maintenance or opera-
 21    tion of any housing project, or nonprofit facility or agricultural facility by
 22    the association. The association is specifically authorized to work  with  the
 23    Idaho  department  of  agriculture in connection with any loan for an agricul-
 24    tural facility and the Idaho department of agriculture  shall  assist  in  the
 25    provisions of such loans.
                                                                        
 26        SECTION  6.  An  emergency  existing  therefor,  which emergency is hereby
 27    declared to exist, this act shall be in full force and effect on and after its
 28    passage and approval.

Statement of Purpose / Fiscal Impact


                 STATEMENT OF PURPOSE
                       RS10219 
     
          This proposed legislation relates to the Idaho Housing and Finance
     Association to amend Idaho Code to include assistance to beginning farmers and
     ranchers for agricultural facilities as public purposes. To provide powers relating
     to the financing of agricultural facilities, to provide for loans for agricultural
     facilities and to provide for authority to receive state or federal assistance for
     agricultural facilities and for cooperation with the Idaho Department of
     Agriculture. 
     
     
     
     
                    FISCAL IMPACT 
     
     The proposed legislation should impose a fiscal impact of approximately
     $10,000.00. 
     
     
     
     
     
     
     
     Contact 
     
     Name:         John Sandy 
     Phone:        (208) 332-1305 
     
     
                                                       Statement of Purpose/Fiscal Impact Statement           BillNo. S 1536 
                           
REVISED                               REVISED                             REVISED