TITLE 70

WATERCOURSES AND PORT DISTRICTS

CHAPTER 21

IDAHO PORT DISTRICT ECONOMIC DEVELOPMENT FINANCING ACT

70-2108.  Security for revenue bonds. The principal, interest and premium, if any, on any revenue bonds issued hereunder shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may also be payable out of proceeds from the sale of the project acquired with proceeds of such revenue bonds, but shall not be secured by the full faith and credit or the taxing power of the state of Idaho, any port district or any other political subdivision of the state of Idaho. The resolution under which the revenue bonds are authorized to be issued and any indenture executed as security for the revenue bonds may contain any agreements and provisions respecting the maintenance of the properties covered thereby, the fixing and collection of rents for any portions thereof leased by the port district to others, the creation and maintenance of special funds, and the rights and remedies available in the event of default, including the designation of a trustee, which may be a bank or trust company, the principal place of business of which may be within or without the state of Idaho, all as the commission shall deem advisable and not in conflict with the provisions hereof. The pledge of the revenues and receipts to pay the principal, interest and premium, if any, on revenue bonds issued hereunder shall be valid and binding from the time when the agreement or the proceedings creating such pledge became binding upon the port district. The revenues and receipts so pledged and thereafter received by the port district shall immediately be subject to the lien of such pledge without any physical delivery of any lease, purchase agreement, financing agreement, note, debenture, bond or other obligation pursuant to which such revenues and receipts are payable to the port district, or any other act except that the proceedings or agreement by which such pledge is created shall be recorded in the records of the port district. The proceedings or agreement by which such pledge is created or a financing statement need not be filed or recorded under the uniform commercial code, or otherwise, except in the records of the port district as provided above. The lien of any such pledge shall be valid and binding and shall have priority as against all parties having claims of any kind in tort, contract or otherwise against the port district, irrespective of whether such parties have notice thereof. Each pledge and agreement made for the benefit or security of any of the revenue bonds issued hereunder shall continue effective until the principal, interest and premium, if any, on the revenue bonds for the benefit of which the same were made shall have been fully paid or provision for such payment duly made. In the event of default in such payment or in any agreement of the port district made as a part of the contract under which the revenue bonds were issued, whether contained in the proceedings authorizing the revenue bonds or in any indenture executed as security therefor, said payment or agreement may be enforced by suit, mandamus or the appointment of a receiver in equity, or any one or more of said remedies.

History:

[70-2108, added 1981, ch. 228, sec. 1, p. 462.]