2001 Legislation
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HOUSE BILL NO. 195 – Port dist, revenue refunding bonds


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Daily Data Tracking History

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.
    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

Bill Text

  ||||              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
  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 / Fiscal Impact

                      STATEMENT OF PURPOSE
                           RS 10816C1
 This legislation will eliminate a current ceiling on port district
refunding bonds, which is currently placed at 6% interest.

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.

Name: Rep. Dan Mader 
Phone: (208) 332-1000