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H0195...................................................by LOCAL GOVERNMENT
PORT DISTRICTS - Amends existing law to eliminate the interest rate
limitation on port district revenue refunding bonds.
02/09 House intro - 1st rdg - to printing
02/12 Rpt prt - to Rev/Tax
02/21 Rpt out - rec d/p - to 2nd rdg
02/22 2nd rdg - to 3rd rdg
02/23 3rd rdg - PASSED - 56-0-14
AYES -- Barraclough, Barrett, Bell, Bieter, Black, Boe, Bolz,
Bradford, Bruneel, Callister, Campbell, Clark, Collins, Cuddy, Deal,
Denney, Ellis, Ellsworth, Eskridge, Field(13), Field(20), Gagner,
Hadley, Hammond, Harwood, Henbest, Higgins, Hornbeck, Jaquet,
Kellogg, Kunz, Lake, Langford, Loertscher, Mader, Marley, Mortensen,
Moss, Moyle, Pearce, Pischner, Pomeroy, Raybould, Roberts, Robison,
Sali, Sellman, Shepherd, Smylie, Stone, Swan, Tilman, Trail, Wheeler,
Wood, Young
NAYS -- None
Absent and excused -- Bedke, Chase, Crow, Gould, Jones, Kendell,
McKague, Meyer, Montgomery, Ridinger, Schaefer, Smith, Stevenson, Mr.
Speaker
Floor Sponsor -- Mader
Title apvd - to Senate
02/26 Senate intro - 1st rdg - to Loc Gov
03/13 Rpt out - rec d/p - to 2nd rdg
03/14 2nd rdg - to 3rd rdg
03/20 3rd rdg - PASSED - 35-0-0
AYES -- Andreason, Branch, Boatright, Brandt, Bunderson, Burtenshaw,
Cameron, Danielson, Darrington, Davis, Deide, Dunklin, Frasure,
Geddes, Goedde, Hawkins, Ingram, Ipsen, Keough, King-Barrutia, Lee,
Lodge, Noh, Richardson, Risch, Sandy, Schroeder, Sims, Sorensen,
Stegner, Stennett, Thorne, Wheeler, Whitworth, Williams,
NAYS -- None
Absent and excused -- None
Floor Sponsor -- Stegner
Title apvd - to House
03/21 To enrol
03/22 Rpt enrol - Sp signed - Pres signed - to Gov
03/23 Governor signed
Session Law Chapter 164
Effective: 07/01/01
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature First Regular Session - 2001
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 195
BY LOCAL GOVERNMENT COMMITTEE
1 AN ACT
2 RELATING TO PORT DISTRICT REVENUE BONDS; AMENDING SECTION 70-1808, IDAHO CODE,
3 TO DELETE THE INTEREST RATE LIMITATION ON PORT DISTRICT REVENUE FUNDING OR
4 REFUNDING BONDS.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 70-1808, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 70-1808. FUNDING OR REFUNDING BONDS. The port commission of any port dis-
9 trict may by resolution, from time to time provide for the issuance of funding
10 or refunding revenue bonds to fund or refund any outstanding revenue or other
11 warrants, bonds, and any premiums thereon, and coupons evidencing interest
12 upon any such bonds at or before the maturity or first optional redemption
13 date of such coupons, warrants or bonds, and may combine various outstanding
14 revenue warrants and parts or all of various series and issues of outstanding
15 revenue bonds and matured coupons in the amount thereof to be funded or
16 refunded.
17 The port commission shall create a special fund for the sole purpose of
18 paying the principal of and interest on such funding or refunding revenue
19 bonds, into which fund the commission shall obligate and bind the port dis-
20 trict to set aside and pay any part or parts of, or all of, or a fixed propor-
21 tion of, or a fixed amount of the gross revenue of the port district suffi-
22 cient to pay such principal and interest as the same shall become due, and if
23 deemed necessary to maintain adequate reserves therefor.
24 Such funding or refunding bonds shall be negotiable instruments within the
25 provisions and intent of the laws of this state, and the tax revenue of the
26 port district may not be used to pay, secure, or guarantee the payment of the
27 principal of and interest on such bonds. The net interest cost to maturity on
28 such funding or refunding bonds taken as a whole shall not exceed six per cent
29 (6%) per annum and the amount of any premium to be paid to effect the redemp-
30 tion of outstanding revenue warrants or bonds shall not be considered in
31 determining such net interest cost.
32 The port district may exchange such funding or refunding bonds for the
33 warrants, bonds, and coupons being funded or refunded, or it may sell such
34 funding or refunding bonds in the manner and at such price as the port commis-
35 sion shall deem to be for the best interest of the district and its inhabit-
36 ants, either at public or private sale.
37 The provisions of this act relating to the terms, conditions, covenants,
38 issuance, and sale of revenue bonds shall be applicable to such funding or
39 refunding bonds except as may be otherwise specifically provided in this sec-
40 tion.
STATEMENT OF PURPOSE
RS 10816C1
This legislation will eliminate a current ceiling on port district
refunding bonds, which is currently placed at 6% interest.
FISCAL IMPACT
There will not be a fiscal impact to the State or local entities.
There will most likely be a positive note or savings to the Port.
Contact
Name: Rep. Dan Mader
Phone: (208) 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H 19