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ID H0562
Bill
Status
3/26/2014
Primary Sponsor
Health and Welfare Committee
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AI Summary
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Repeals sections 31-4219, 33-3811, and 50-1919 of Idaho Code relating to Attorney General review and certification of bond validity.
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Establishes new Idaho Code Section 57-235 authorizing governing bodies of public entities to delegate bond issuance decisions to a designated member, chief executive officer, or chief financial officer.
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Allows delegation of decisions regarding interest rates, redemption conditions, principal amounts, maturity dates, payment schedules, refunding terms, and credit enhancement contracts for bonds.
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Requires delegated officials to obtain bond terms consistent with and no less favorable than terms approved by the governing body and voters (if voter approval required).
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Applies to all revenue and general obligation bonds issued by state agencies, political subdivisions, school districts, authorities, and municipal corporations in Idaho.
Legislative Description
Adds to and repeals existing law to establish provisions relating to the delegation by a governing body of any public body of activities concerning the issuance of bonds, to establish provisions relating to terms, to provide for the application of law, to provide definitions and to establish provisions relating to ordinances or resolutions.
BONDS
Last Action
Reported Signed by Governor on March 26, 2014 Session Law Chapter 251 Effective: 07/01/2014
3/26/2014