TITLE 70

WATERCOURSES AND PORT DISTRICTS

CHAPTER 21

IDAHO PORT DISTRICT ECONOMIC DEVELOPMENT FINANCING ACT

70-2103.  Definitions. In this act, unless the context otherwise clearly requires, the terms used herein shall have the meanings ascribed to them as follows:

(1)  "Commission" means the port commission of any port district.

(2)  "Person" means any individual, partnership, copartnership, firm, company, corporation (including public utilities), association, joint stock company, trust, estate, or any other legal entity, or their legal representatives, agents or assigns, other than municipal corporations or other political subdivisions.

(3)  "Port district" means any port district of the state of Idaho.

(4)  "Finance" or "financing" means the issuing of revenue bonds pursuant to authority herein contained by a port district for the purpose of using substantially all of the proceeds to pay all or any part of project costs or to reimburse any person for all or any part of project costs; provided, that title to or in any project so financed may at all times remain in a person other than the port district and in such case the revenue bonds of the port district shall be secured by a pledge of one or more notes, debentures, bonds or other obligations of such person.

(5)  "Project" includes economic development facilities consisting of any properties, real or personal including, without limitation, any land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment or any combination thereof, and all real and personal property deemed necessary therewith, located within the port district, used or useful in connection with a revenue-producing enterprise, having to do with or the end purpose of which is increasing or maintaining employment in the port district, and compatible with the purposes for which the port district was established.

(6)  "Project costs" as applied to any project financed under the provisions of this act mean and include all or any part of the sum total of all reasonable or necessary costs incidental to the acquisition, construction, installation and equipping of such project including, without limitation, the cost of studies and surveys; plans, specifications, architectural and engineering services; legal, organization, marketing or other special services; financing, acquisition, demolition, construction, equipment and site development of new and rehabilitated buildings; rehabilitation, reconstruction, repair or remodeling of existing buildings and all other necessary and incidental expenses including an initial principal and interest reserve together with interest on revenue bonds issued to finance such project to a date six (6) months subsequent to the estimated date of completion.

History:

[70-2103, added 1981, ch. 228, sec. 1, p. 458.]