T57CH5

Title 57 > T57CH5

Sections (4)

57-501

TITLE 57 PUBLIC FUNDS IN GENERAL CHAPTER 5 ISSUANCE OF REFUNDING BONDS 57-501. Issuance of refunding bonds authorized. In all cases where the state or any county, city, village, school district, highway district, good roads district, irrigation district or drainage district, has issued and sold, or may hereafter issue and sell, its bonds and the same are outstanding and unpaid and which may under the laws of this state be refunded and called for payment, the state, county, school district, city, village, highway district, good roads district, irrigation district or drainage district having issued and sold said bonds, may refund the issue and sell refunding bonds in the manner provided by the law for the purpose of calling and paying said outstanding bonds, and may execute, sell and deliver said refunding bonds and receive the money therefor prior to or subsequent to calling for payment or paying and canceling the bonds so refunded, and such refunding bonds when so sold and delivered shall be legal and binding obligations of the state, county, school district, city, village, highway district, good roads district, irrigation district or drainage district issuing and selling the same. History: [(57-501) 1931, ch. 190, sec. 1, p. 328; I.C.A., sec. 55-501.]

57-502

TITLE 57 PUBLIC FUNDS IN GENERAL CHAPTER 5 ISSUANCE OF REFUNDING BONDS 57-502. Deposit of proceeds of refunding bonds — Limitations on use. When such refunding bonds are so sold the money received therefor, if state bonds, shall be deposited with the state treasury, or if the bonds of any county, school district, city, village, highway district, good roads district, irrigation district or drainage district, with the treasurer of such county, school district, city, village, highway district, good roads district, irrigation district or drainage district, such money so received shall become a special fund, and shall not be used for any purpose other than the payment and retirement of the outstanding bond issue so refunded; provided, that any balance left over after said bond issue is entirely retired, paid and canceled, may be transferred to the bond interest and sinking fund of the state, county, school district, city, village, highway district, good roads district, irrigation district or drainage district. History: [(57-502) 1931, ch. 190, sec. 2, p. 328; I.C.A., sec. 55-502.]

57-503

TITLE 57 PUBLIC FUNDS IN GENERAL CHAPTER 5 ISSUANCE OF REFUNDING BONDS 57-503. Payment and cancellation of outstanding bonds. As soon as said fund is so received and deposited, the state, county, school district, city, village, highway district, good roads district, irrigation district or drainage district shall immediately pay and cancel such bonds so refunded in the manner and with the effect provided by law for calling and paying such bonds. History: [(57-503) 1931, ch. 190, sec. 3, p. 328; I.C.A., sec. 55-503.]

57-504

TITLE 57 PUBLIC FUNDS IN GENERAL CHAPTER 5 ISSUANCE OF REFUNDING BONDS 57-504. Advance refunding of bonds. (1) Except where the context otherwise requires, the terms defined in this section shall for all purposes have the meanings herein specified: (a) Governing body means the council, commission, board of commissioners, board of directors, board of trustees, board of regents, or other legislative body of a public body designated herein in which body the legislative powers of the public body are vested. (b) 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. (c) Bond means any revenue bond or general obligation bond. (d) Revenue bond means any bond, note, warrant, certificate of indebtedness, or other obligation for the payment of money issued by a public body or any predecessor of any public body and which is payable from designated revenues or a special fund but excluding any obligation constituting an indebtedness within the meaning of any applicable statutory debt limitation and any obligation payable solely from special assessments. (e) General obligation bond means any bond, note, warrant, certificate of indebtedness, or other obligation of a public body which constitutes an indebtedness within the meaning of any applicable statutory debt limitation. (f) Advance refunding bonds mean bonds issued for the purpose of refunding outstanding bonds in advance of their maturity. (g) Issuer means the public body issuing any bond or bonds. (h) Ordinance means an ordinance of a city or county or resolution or other instrument by which the governing body of the public body exercising any power hereunder takes formal action and adopts legislative provisions and matters of some permanency. (i) Government obligations mean direct obligations of the United States of America, or other securities, the principal and interest of which are unconditionally guaranteed by the United States of America. (j) Words used herein importing singular or plural number may be construed so that one number includes both. (2) The governing body of any public body may by ordinance provide for the issuance of bonds to refund outstanding bonds heretofore or hereafter issued by such public body or its predecessor, only: (1) to pay or discharge all or any part of such outstanding series or issue of bonds, including any interest thereon, in arrears or about to become due and for which sufficient funds are not available; or (2) to achieve a savings or other objective that the governing body finds to be beneficial to the public body. Any bonds issued for refunding purposes may be delivered in exchange for the outstanding bonds being refunded or may be sold in such manner and at such price as the governing body may in its discretion determine advisable. Such bonds may be issued without an ele