TITLE 70

WATERCOURSES AND PORT DISTRICTS

CHAPTER 21

IDAHO PORT DISTRICT ECONOMIC DEVELOPMENT FINANCING ACT

70-2104.  Powers. Each port district shall have the following powers together with all powers incidental thereto or necessary for the performance thereof:

(1)  To determine the location of any project, whether upon real estate owned by the port district or by any person, and the manner of construction of any project to be financed under the provisions of this act, and to acquire, construct, install, equip, own, finance, lease, sell, mortgage and dispose of the same, to enter into contracts for any and all of such purposes, to designate a person as its agent to determine the location and manner of construction of a project undertaken by such person under the provisions of this act and as agent of the port district, to acquire, construct, install, equip, own, lease, sell, mortgage and dispose of the same and to enter into contracts for any and all of such purposes;

(2)  To lease or sell a project to any person upon such terms and conditions as the commission shall deem proper, and to charge and collect rent or other payments therefor and to terminate any such lease or sales agreement upon the failure of the lessee or other contracting party to comply with any of the obligations thereof; and to include in any such lease, if desired, provisions that the lessee thereof shall have options to renew the term of the lease for such period or periods and at such rent as shall be determined by the commission and/or to purchase such project for a nominal amount or otherwise or that at or prior to the payment of all of the revenue bonds issued by the port district for the financing of such project the port district may convey all or any portion of such project to the lessee or lessees thereof with or without consideration;

(3)  To issue revenue bonds to finance the acquisition, construction, installation and equipping of a project and to refund such bonds, all as provided for in this act;

(4)  Generally to fix and revise from time to time and charge and collect rates, rents, fees and charges for the use of and services furnished or to be furnished by any project or any portion thereof and to contract with any person or other body public or private in respect thereof;

(5)  To employ consulting engineers, architects, attorneys, accountants, construction and financial experts, superintendents, managers and such other employees and agents as may be necessary in its judgment and to fix their compensation;

(6)  To refund outstanding obligations incurred by any person to finance the cost of a project including obligations incurred for projects undertaken and completed prior to or after the enactment of this act when the commission finds that such financing is in the public interest;

(7)  To receive and to pledge as security for the payment of any bonds issued hereunder, any lease, purchase agreement, financing agreement, note, debenture, bond or other obligation by or on behalf of any person, and any revenues and receipts payable to the port district thereunder;

(8)  To make loans to any person for the purpose of paying or reimbursing project costs in accordance with an agreement between the port district and such person; and

(9)  To do all things necessary and convenient to carry out the purposes of this act.

No port district shall have power under the provisions of this act to operate any project as a business other than as a lessor or vendor.

History:

[70-2104, added 1981, ch. 228, sec. 1, p. 459.]