T50CH28

Title 50 > T50CH28

Sections (5)

50-2801

TITLE 50 MUNICIPAL CORPORATIONS CHAPTER 28 IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT 50-2801. Definitions. As used in sections 50-2801 through 50-2805 , Idaho Code: (1) Bond means any obligation for which an allocation of the volume cap is required by the code. (2) Certificates mean mortgage credit certificates described in section 25 of the code. (3) Code means the Internal Revenue Code of 1986, as amended, and any related treasury regulations. (4) Executive order means the executive order or other administrative action of the governor pursuant to section 50-2804 , Idaho Code, and any amendments thereto. (5) Governmental unit means (i) any county, city or port district, (ii) any public corporation created pursuant to section 50-2703 , Idaho Code, or other entity acting on behalf of one or more counties, cities, or both, (iii) the state, or (iv) any other entity authorized to issue bonds. (6) Project means the facility or facilities to be financed in whole or in part with the proceeds of the bonds, or a program in which the proceeds of the bonds are used directly or indirectly to finance loans to individuals for educational expenses. (7) State means the state of Idaho, any of its agencies, and any of its institutions of higher education. (8) State ceiling means the ceiling for the state as computed under section 146(d) of the code. (9) Volume cap means the volume cap for the state as computed under section 146 of the code. (10) Year means each calendar year beginning calendar year 1987. History: [50-2801, added 1985, ch. 227, sec. 1, p. 543; am. 1988, ch. 303, sec. 1, p. 959.]

50-2802

TITLE 50 MUNICIPAL CORPORATIONS CHAPTER 28 IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT 50-2802. Finding and declaration of necessity. The legislature hereby finds and declares that the Tax Reform Act of 1986 imposes an annual state ceiling on the amount of bonds or certificates that may be issued, the interest on which is excludable from gross income for purposes of federal income taxation; that section 146(e)(1) of the code provides that the legislature may enact a different formula for allocating the state ceiling among the governmental units different from the formula contained in the code; and that a different formula is necessary to allocate the state ceiling by the least complicated method possible and to insure an efficient use of the state ceiling. History: [50-2802, added 1985, ch. 227, sec. 1, p. 544; am. 1988, ch. 303, sec. 2, p. 959.]

50-2803

TITLE 50 MUNICIPAL CORPORATIONS CHAPTER 28 IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT 50-2803. Allocation formula. The entire state ceiling for the year, including any carry-forward under section 146(f) of the Internal Revenue Code, shall be allocated by the following formula. The state ceiling shall be allocated by the state to governmental units, as needed to finance qualified projects and programs under the Internal Revenue Code, as amended, on the basis of effective utilization, need, economic impact and efficient distribution of resources throughout the state by the department of commerce. The allocation formula established by this section shall be implemented and administered by the governor pursuant to the terms and provisions of an executive order which shall make provisions for priorities of projects and programs based on the formula. No qualified applicant for the state ceiling shall render decisions in the allocation formula. History: [50-2803, added 1985, ch. 227, sec. 1, p. 544; am. 1988, ch. 303, sec. 3, p. 960; am. 2000, ch. 432, sec. 1, p. 1389.]

50-2804

TITLE 50 MUNICIPAL CORPORATIONS CHAPTER 28 IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT 50-2804. Authority of the governor. The governor is authorized and directed to provide for the implementation and administration of the allocation formula established in section 50-2803 , Idaho Code, by executive order. The executive order shall: (i) establish rules and procedures for the form, contents, submission, processing, priorities and approval of applications for allocations of the state ceiling; (ii) designate an agency for receipt, verification and approval of applications and for authorization of allocations; (iii) provide for the carry-forward of an allocation under section 146(f) of the code; (iv) provide for the issuance to governmental units of certificates evidencing an allocation of the state ceiling; (v) establish a period of time within which allocations must be used; (vi) provide for a means of reallocating portions of the state ceiling with respect to allocations for bonds or certificates that are not actually issued or are issued in a lesser amount than that portion of the state ceiling which was allocated to the bonds; and (vii) provide for, through the establishment of rules and procedures or otherwise, any other matters necessary or desirable to implement and administer the allocation formula and to provide for an efficient use of the state ceiling. History: [50-2804, added 1985, ch. 227, sec. 1, p. 544; am. 1988, ch. 303, sec. 4, p. 960; am. 2000, ch. 432, sec. 2, p. 1389.]

50-2805

TITLE 50 MUNICIPAL CORPORATIONS CHAPTER 28 IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT 50-2805. Miscellaneous. (1) No action taken pursuant to this chapter shall be deemed to create an obligation, debt or liability of any governmental unit or be deemed to constitute an approval of any obligations issued or to be issued hereunder. (2) If any provision of this chapter shall be held to be or shall, in fact, be invalid, inoperative or unconstitutional, the defect of the provision shall not affect any other provision of this chapter or render it invalid, inoperative or unconstitutional. To the extent this chapter shall be held to be or shall, in fact, be invalid, inoperative or unconstitutional, all allocations of the state ceiling previously made under this chapter shall be treated as allocations made by the legislature. (3) The state pledges and agrees with the holders of any bonds with respect to a project for which an allocation of the state ceiling was applied for by a governmental unit and which has been granted under this chapter that the state will not retroactively alter the allocation of the state ceiling to the governmental unit for such bonds. History: [50-2805, added 1985, ch. 227, sec. 1, p. 545.]