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H0056...........................................................by MR. SPEAKER
Requested by: Department of Water Resources
WATER RESOURCES DEPARTMENT - LOANS - Amends existing law relating to the
Revenue Bond Program of the Water Resource Board to revise certain powers and
duties of the Water Resource Board; and to provide that any loan repayments to
the Idaho Water Resource Board may be deposited into a special fund to be used
for the payment of principal and interest on certain bonds.
01/06 House intro - 1st rdg - to printing
Rpt prt - to Res/Con
02/04 Rpt out - rec d/p - to 2nd rdg
02/05 2nd rdg - to 3rd rdg
02/06 3rd rdg - PASSED - 66-1-3
AYES -- Andersen, Barraclough, Barrett, Bauer, Bedke, Bell, Bieter,
Black, Block, Boe, Bolz, Campbell, Cannon, Clark, Collins, Crow, Cuddy,
Deal, Denney, Douglas, Eberle, Edmunson, Ellsworth, Eskridge, Field(18),
Field(23), Gagner, Garrett, Harwood, Henbest, Jaquet, Kellogg, Kulczyk,
Lake, Langford, Langhorst, Martinez, McGeachin, Meyer, Miller, Mitchell,
Moyle, Naccarato, Nielsen, Raybould, Ridinger, Ring, Ringo, Roberts,
Robison, Rydalch, Sali, Sayler, Schaefer(Schaefer), Shepherd, Shirley,
Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Tilman,
Trail, Wills, Wood
NAYS -- McKague
Absent and excused -- Bradford, Jones, Mr. Speaker
Floor Sponsor - Raybould
Title apvd - to Senate
02/07 Senate intro - 1st rdg - to Res/Env
03/03 Rpt out - rec d/p - to 2nd rdg
03/04 2nd rdg - to 3rd rdg
03/10 3rd rdg - PASSED - 33-0-2
AYES -- Andreason, Bailey, Brandt, Bunderson, Burtenshaw, Calabretta,
Cameron, Compton, Darrington, Gannon, Geddes, Goedde, Hill, Ingram,
Kennedy, Keough, Little, Lodge, Malepeai, Marley, McKenzie, McWilliams,
Noble, Noh, Pearce, Richardson, Schroeder, Sorensen, Stegner, Stennett,
Sweet, Werk, Williams
NAYS -- None
Absent and excused -- Burkett, Davis
Floor Sponsors - Little & Kennedy
Title apvd - to House
03/11 To enrol
03/12 Rpt enrol - Sp signed
03/13 Pres signed
03/14 To Governor
03/17 Governor signed
Session Law Chapter 80
Effective: 07/01/03
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-seventh Legislature First Regular Session - 2003IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 56 BY MR. SPEAKER Requested by: Department of Water Resources 1 AN ACT 2 RELATING TO THE REVENUE BOND PROGRAM OF THE WATER RESOURCE BOARD; AMENDING 3 SECTION 42-1734, IDAHO CODE, TO REVISE CERTAIN POWERS AND DUTIES OF THE 4 WATER RESOURCE BOARD; AND AMENDING SECTION 42-1742, IDAHO CODE, TO PROVIDE 5 THAT ANY LOAN REPAYMENTS TO THE IDAHO WATER RESOURCE BOARD MAY BE DEPOS- 6 ITED INTO A SPECIAL FUND OR FUNDS TO BE USED FOR THE PAYMENT OF PRINCIPAL 7 AND INTEREST ON CERTAIN BONDS. 8 Be It Enacted by the Legislature of the State of Idaho: 9 SECTION 1. That Section 42-1734, Idaho Code, be, and the same is hereby 10 amended to read as follows: 11 42-1734. POWERS AND DUTIES. The board shall, subject to the provisions of 12 chapter 52, title 67, Idaho Code, have the following powers and duties: 13 (1) To have and exercise all of the rights, powers, duties and privileges 14 vested by article XV, section 7, of the constitution of this state in the 15 water resource agency, and the water resource board, herein created, is hereby 16 constituted the water resource agency; 17 (2) To institute judicial proceedings to have water rights established by 18 court decree on any stream, lake or underground water basin; in such proceed- 19 ings court costs of the action, including the survey and determination of 20 water uses by the director of the department of water resources, shall be 21 borne by the state; 22 (3) To appear, when requested by the governor, on behalf of and represent 23 the state in matters related to its duties in any proceeding, negotiation, or 24 hearing involving the federal government or other state; provided, however, 25 that compact commissions now established by law shall continue to act but in 26 so doing shall report to it; 27 (4) To accept, receive, initiate, investigate, consider and promote such 28 water projects as it deems to be in the public interest; 29 (5) To generate and wholesale hydroelectric power at the site of produc- 30 tion if such power production is connected with another purpose for such proj- 31 ect; 32 (6) To file applications and obtain permits in the name of the board, to 33 appropriate, store, or use the unappropriated waters of any body, stream, or 34 other surface or underground source of water for specific water projects. Such 35 filings and appropriations by the board, or any water rights owned or claimed 36 by the board, shall be made in the same manner and subject to all of the state 37 laws relating to appropriation of water, with the exception that the board 38 will not be required to pay any fees required by the laws of this state for 39 its appropriations. The filings and appropriations by the board shall be sub- 40 ject to contest or legal action the same as any other filing and appropria- 41 tion, and such filings and appropriations shall not have priority over or 42 affect existing prior water rights of any kind or nature; provided that the 43 board shall have the right to file for water rights with appropriate officials 2 1 of other states as trustee for project users, and to do all things necessary 2 in connection therewith; 3 (7) To finance said projects with revenue bonds or such moneys as may be 4 available; 5 (8) To acquire, purchase, lease, or exchange land, rights, water rights, 6 easements, franchises and other property deemed necessary or proper for the 7 construction, operation and maintenance of water projects; 8 (9) To exercise, in accordance with the provisions of title 7, chapter 7, 9 Idaho Code, the right of eminent domain to acquire property necessary for the 10 construction of projects, both land and water; 11 (10) To cooperate in all water studies, planning, research, or activities 12 with any state or local agency in this state, or any other state or any fed- 13 eral agency and to enter into contracts with federal, state and local govern- 14 mental agencies to effect this purpose; 15 (11) To present to the governor for presentation to the legislature not 16 later than the 30th of November prior to the convening of a regular legisla- 17 tive session the final report containing the complete plans, costs and feasi- 18 bility estimates for any water project which the board recommends that the 19 state construct in accordance with the comprehensive state water plan; and to 20 construct any water project specifically authorized by the legislature; 21 (12) To enter into contracts with political subdivisions, municipal enti- 22 ties, individuals and others for the rehabilitation and repair of existing 23 irrigation projects and irrigation facilities, the sale and/or lease of water, 24 use of water, water storage, electric power, or other service, to turn over 25 projects to water users after pay-out and to lease facilities, sell, lease or 26 dispose of surplus facilities subject to the provisions of applicable law; 27 (13) To enter into contracts to effect the purposes of this chapter; 28 (14) To sue and be sued; 29 (15) To study and examine pollution of rivers, streams, lakes and ground 30 water, and to advise, cooperate and counsel with the state board of environ- 31 mental quality in a manner designed to avoid inhibition of economic develop- 32 ment and at the same time insure the right of the people to comfortably enjoy 33 our water resources and accomplish the establishment of water quality crite- 34 ria; 35 (16) To call upon any other state agency for cooperation, assistance or 36 use of information available to such agency; provided, however, if such agency 37 is required to make substantial expenditures in responding to such request, 38 appropriate arrangements for compensation may be accomplished; 39 (17) To issue revenue bonds for the rehabilitation and repair of existing 40 irrigation projects and irrigation facilities, and for water projects, pledge 41 any revenues available to the board to secure said bonds, exclusive of any 42 revenues derived from legislative appropriations, provided that any amounts 43 received from loan repayments regardless of the source of funds for the loan 44 may be pledged, and pool revenues from one (1) or more projects constructed, 45 financed or operated by the board, or existing irrigation project or facili- 46 ties rehabilitated or repaired by the board; 47 (18) To formulate and recommend, prior to each session of the legislature, 48 proposed legislation that may be necessary to assist it in effecting a proper 49 plan for conservation, development and utilization of water resources and 50 waterways and to report to each session of the legislature on the public busi- 51 ness entrusted to its care and the financial affairs of the board. In the 52 period between legislative sessions, the board shall deposit with the legisla- 53 tive council statements describing all actions taken and projects undertaken 54 by it; 55 (19) To issue procedural and operative rules as may be necessary for the 3 1 conduct of its business; 2 (20) To appoint advisory boards when deemed desirable to aid in the execu- 3 tion of its powers; 4 (21) To take such other action as may be necessary to carry out its duties 5 and powers under this chapter and the constitution of the state of Idaho; 6 (22) To loan without prior legislative approval, the proceeds of the sale 7 of revenue bonds to the local water project sponsor or sponsors; to enter into 8 lease, sale or loan agreement; and to purchase all or a portion of, or partic- 9 ipate in, loans, originated by private lending institutions. 10 SECTION 2. That Section 42-1742, Idaho Code, be, and the same is hereby 11 amended to read as follows: 12 42-1742. SPECIAL FUNDS. Bonds issued under the provisions of this act 13 shall be payable solely out of revenues of the Idaho water resource board. 14 Such bonds shall be authorized by resolution, which resolution shall create a 15 special fund or funds into which the Idaho water resource board shall obligate 16 and bind the board to set aside and pay any part or parts of, or all of, or a 17 fixed proportion of, or a fixed amount of the available revenue of the board 18 sufficient to pay the principal of and interest on such bonds as the same 19 shall become due and, if deemed necessary, to maintain adequate reserves 20 therefor. No appropriated moneys shall be paid into such special fund or funds 21 provided that any loan repayments to the Idaho water resource board, regard- 22 less of the source of funds for the loan, may be deposited to such fund or 23 funds. Such fund or funds shall be drawn upon for the sole purpose of paying 24 the principal of and interest on bonds issued pursuant to this act. 25 The bonds shall be negotiable instruments within the provisions and intent 26 of the negotiable instrument laws of this state even though they shall be pay- 27 able solely from such special fund or funds. The bonds and any coupons 28 attached thereto shall state upon their face that they are payable solely from 29 such special fund or funds. If the board fails to set aside and pay into such 30 fund or funds the payments provided for in such resolution, the holder of any 31 such bonds may bring suit to compel compliance with the provisions of the res- 32 olution.
STATEMENT OF PURPOSE
RS 12350
The purpose of this legislation is to amend existing law to clarify
an ambiguity in the present wording of Sections 42-1734 and 42-
1742, Idaho Code. The wording of these statutes could be construed
to prohibit the use of certain loan repayment revenues available to
the Idaho Water Resource Board from being used to secure the
issuance of Board revenue bonds, if the source of the moneys loaned
had at one time been derived from legislative appropriations. The
proposed amendment provides that any loan repayments to the Idaho
Water Resource Board, regardless of the source of funds for the
loan, may be pledged as security for Board revenue bonds used to
finance water projects in the state.
FISCAL IMPACT
Enactment of this legislation is expected to have a positive fiscal
impact by reducing transaction costs for certain Water Resource
Board revenue bond issuances and by facilitating an increase in the
amount of money available to the Board to make loans for the
construction or rehabilitation of water projects in the state.
CONTACT
Name: Karl Dreher
Agency: Water Resources, Dept. of
Phone: (208) 327-7910
Statement of Purpose/Fiscal Impact H 5