TITLE 57

PUBLIC FUNDS IN GENERAL

CHAPTER 2

MUNICIPAL BOND LAW

57-235.  bonds — delegation authority. (1) Whenever the governing body of any public body shall deem it advisable to issue bonds under its lawful authority, then, subject to the limits of such authority, the governing body may delegate to a member of the governing body or to the chief executive officer or chief financial officer of the public body, in accordance with specific instructions and procedures adopted by the governing body in a resolution or ordinance authorizing the issuance of bonds, the determination of any or all of the following:

(a)  The rate of interest on the bonds;

(b)  The conditions on which and the prices at which the bonds may be redeemed prior to maturity;

(c)  The existence and amount of any capitalized interest or reserve funds;

(d)  The price at which the bonds shall be sold;

(e)  The principal amount and denominations of the bonds;

(f)  The amount of principal maturing in each year;

(g)  The dates upon which principal and interest shall be paid;

(h)  The maturities and amounts of the bonds to be refunded, if any; and

(i)  The terms of any contract to provide credit enhancement of the bonds.

(2)  The designated member or officer or officers shall obtain terms for the items provided in paragraphs (a) through (i) of subsection (1) of this section that shall be consistent with, not in excess of and no less favorable than the terms as have been approved by the governing body and, if applicable in the case of bonds requiring voter approval, approved by the voters.

(3)  Nothing herein shall confer upon any public body or the governing body, employees or agents thereof any additional powers not currently conferred under the laws and constitution of the state of Idaho with respect to issuance of bonds or any other matter, nor shall any limitation in the laws and constitution of the state of Idaho on the delegation of such powers be otherwise affected.

(4)  For purposes of this section, the following terms shall have the following definitions:

(a)  "Bond" or "bonds" means any revenue bond or general obligation bond, as those terms are defined in section 57-504, Idaho Code.

(b)  "Governing body" means the council, commission, board of commissioners, board of directors, board of trustees, board of regents, members of an authority or other legislative body of a public body in which body the legislative powers of the public body are vested.

(c)  "Public body" means the state of Idaho, its agencies, institutions, political subdivisions, school districts, authorities, instrumentalities, and municipal and quasi-municipal corporations now or hereafter existing under the laws of the state of Idaho.

(5)  Any provision in this section providing that any action or thing shall be authorized, taken or done by ordinance or resolution shall be taken to mean that any such governing body shall proceed by ordinance or resolution as required or permitted by law or by the customary mode of proceeding by each such governing body, respectively, not forbidden by law.

History:

[57-235, added 2014, ch. 251, sec. 4, p. 632.]