TITLE 33

EDUCATION

CHAPTER 38

STATE INSTITUTIONS OF HIGHER EDUCATION BOND ACT

33-3804.  Powers and duties of state institutions. Every institution shall have power in its proper name as aforesaid:

(a)  To have a corporate seal and alter the same at pleasure;

(b)  To sue and be sued;

(c)  To acquire by purchase, gift or the exercise of the right of eminent domain and hold and dispose of real or personal property or rights or interests therein and water rights;

(d)  To make contracts and to execute all instruments necessary or convenient;

(e)  To acquire any project or projects, and to own, operate, and maintain such project;

(f)  To accept grants of money or materials or property of any kind from a federal agency, upon such terms and conditions as such federal agency may impose;

(g)  To borrow money, with or without the issuance of bonds and to provide for the payment of the same and for the rights of the holders of such bonds and/or of any other instrument of such indebtedness, including the power to fix the maximum rate of interest to be paid thereon and to warrant and indemnify the validity and tax exempt character;

(h)  To perform all acts and do all things necessary or convenient to carry out the powers herein granted, to obtain loans or grants or both from any federal agency, and to accomplish the purposes of sections 33-3801—33-3813, Idaho Code, and secure the benefits of the Recovery Act;

(i)  To issue refunding bonds, for the purpose of paying, redeeming, or refunding any outstanding bonds theretofore issued under authority of this chapter. Refunding bonds so issued shall have such details, shall bear such rate or rates of interest and shall be otherwise issued and secured as provided by the board authorizing the issuance of such bonds and as otherwise provided in this chapter, provided, however, that such changes in the security and revenues pledged to the payment thereof may be made by such board as may be provided by it in the proceedings authorizing such bonds, but in no event shall such refunding bonds ever be secured by revenues not authorized by this chapter to be pledged to the payment of bonds issued for other than refunding purposes. Refunding bonds issued hereunder may be exchanged for a like principal amount of the bonds to be refunded, may be sold in the manner provided in this chapter for the sale of other bonds, or may be exchanged in part and sold in part. If sold, the proceeds of such bonds may be deposited in escrow for the payment of the bonds to be refunded, provided such bonds mature or are callable for redemption under their terms within six (6) months from the date of the delivery of the refunding bonds. No refunding bonds may be issued hereunder in a principal amount in excess of the principal amount of the bonds to be refunded nor may any bonds not maturing or callable for redemption under their terms as above provided be refunded hereunder without the consent of the holders thereof. Refunding bonds so authorized and issued may in the discretion of the board be combined with other bonds to be authorized and issued under this chapter, and a single issue of bonds may be so authorized in part for improvement and in part for refunding purposes.

(j)  In connection with borrowing without the issuance of bonds, to fix fees, rents or other charges for utilization of any facility or project being financed by said borrowing and to pledge the same, together with any other revenue from such project or facility, as collateral for repayment of principal and interest in the same manner and to the same extent as provided in this chapter for securing the payment of bonds issued pursuant to this chapter.

History:

[33-3804, added 1935 (1st E.S.), ch. 55, sec. 4, p. 145; am. 1941, ch. 154, sec. 1, p. 308; am. 1965, ch. 37, sec. 1, p. 59; am. 1975, ch. 118, sec. 1, p. 246.]