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H0196...................................................by LOCAL GOVERNMENT
PORT DISTRICTS - Amends existing law to provide that leases of port
district real property shall be secured by a bond, rental insurance or
other financial guaranty as deemed sufficient by the port commission.
02/09 House intro - 1st rdg - to printing
02/12 Rpt prt - to Loc Gov
02/23 Rpt out - rec d/p - to 2nd rdg
02/26 2nd rdg - to 3rd rdg
02/27 3rd rdg - PASSED - 67-0-3
AYES -- Barraclough, Barrett, Bedke, Bell, Bieter, Black, Boe, Bolz,
Bradford, Bruneel, Callister, Campbell, Chase, Clark, Collins, Crow,
Cuddy, Deal, Denney, Ellis, Ellsworth, Eskridge, Field(13),
Field(20), Gagner, Gould, Hadley, Hammond, Harwood, Henbest, Higgins,
Hornbeck, Jaquet, Kellogg, Kendell, Kunz, Lake, Langford, Loertscher,
Mader, Marley, McKague, Meyer, Montgomery, Mortensen, Moss, Moyle,
Pearce, Pischner, Pomeroy, Raybould, Ridinger, Roberts, Robison,
Sali, Schaefer, Sellman, Shepherd, Smith, Smylie, Stevenson, Tilman,
Trail, Wheeler, Wood, Young, Mr. Speaker
NAYS -- None
Absent and excused -- Jones, Stone, Swan
Floor Sponsor --Mader
Title apvd - to Senate
02/28 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 165
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. 196
BY LOCAL GOVERNMENT COMMITTEE
1 AN ACT
2 RELATING TO LEASE OF PORT AUTHORITY PROPERTY; AMENDING SECTION 70-1616, IDAHO
3 CODE, TO PROVIDE THAT LEASES OF PORT DISTRICT REAL PROPERTY SHALL BE
4 SECURED BY A BOND, RENTAL INSURANCE OR OTHER FINANCIAL GUARANTY AS DEEMED
5 SUFFICIENT BY THE PORT COMMISSION.
6 Be It Enacted by the Legislature of the State of Idaho:
7 SECTION 1. That Section 70-1616, Idaho Code, be, and the same is hereby
8 amended to read as follows:
9 70-1616. LEASE OF PROPERTY -- PERFORMANCE BOND OR OTHER FINANCIAL GUAR-
10 ANTY. A port district may lease all real and personal property owned or con-
11 trolled by it, and/or improvements thereon, upon such terms as the port com-
12 mission deems proper; provided, that no lease shall be for a period longer
13 than fifty (50) years, and each lease of real property shall be secured by a
14 bond, with surety satisfactory to the port commission, with penalty not less
15 than the rental for one-sixth (1/6) of the term, but in no case less than the
16 rental for one (1) year when the term is one (1) year or more, or by such
17 other rental insurance or financial guaranty as may be deemed sufficient by
18 the port commission, conditioned to perform the terms of such lease, including
19 the payment in lieu of taxes provided for in this act; provided further, that
20 where the property is held by the district under lease from the United States
21 government or any agency, instrumentality or political subdivision thereof,
22 the port commission may sublease said property, with option for extensions, up
23 to the total term and extensions thereof permitted by such United States
24 lease, but in any event not to exceed ninety (90) years; provided further,
25 that in a lease, the term of which exceeds five (5) years, and when at the
26 option of the port commission it is so stipulated in the lease, the commission
27 shall accept, with surety satisfactory to it, a bond or other such rental
28 insurance or financial guaranty satisfactory to the port commission, condi-
29 tioned to perform the terms of the lease for some part of the term, in no
30 event less than five (5) years unless the remainder of the unexpired term is
31 less than five (5) years, in which case for the full remainder and in every
32 such case the commission shall require of the lessee, another or other like
33 bond or other rental insurance or financial guaranty to be delivered within
34 two (2) years, and not less than one (1) year prior to the expiration of the
35 period covered by the existing bond, covering an additional part of the term
36 in accordance with the foregoing provisions in respect to the original bond,
37 and so on until the end of the term so that there will always be in force a
38 bond or other rental insurance or financial guaranty securing the performance
39 of the lease, and the penalty in each bond or other rental insurance or finan-
40 cial guaranty shall be not less than the rental for one-half (1/2) the period
41 covered thereby, but no bond or other rental insurance or financial guaranty
42 shall be construed to secure the furnishing of any other bond or other rental
43 insurance or financial guaranty.
STATEMENT OF PURPOSE
RS 10817C1
This legislation will expand the instruments that provide for
financial guarantees to include bank letters of credit. Letters of
credit are common guarantee instruments for other entities in the
state.
FISCAL IMPACT
No fiscal impact to State or local governments or the port
district.
Contact
Name: Rep. Dan Mader
Phone: (208) 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H 19