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ID H0426
Bill
Status
3/23/2016
Primary Sponsor
State Affairs Committee
Click for details
AI Summary
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Idaho's sales tax guaranty for voter-approved refunding bonds (issued March 1, 1999 or later) no longer applies to advance refunded bonds once proceeds are placed in an irrevocable escrow account.
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Bonds currently refunded and considered paid for lose state guaranty protection from the date they were considered paid.
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Refunding bonds secured by government obligations are not guaranteed under this chapter until those government obligations are no longer securing the bonds.
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The guaranty does not extend to redemption premiums or bonds that are advance refunded and secured by bond proceeds held in escrow per Idaho Code Section 57-504(7).
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Only validly issued bonds issued after the effective date of this chapter are eligible for state guaranty protection.
Legislative Description
Amends existing law to provide that guaranteed bonds that are advance refunded and bond proceeds held in escrow no longer have the benefit of a guaranty.
BOND GUARANTY
Last Action
Reported Signed by Governor on March 23, 2016 Session Law Chapter 159 Effective: 07/01/2016
3/23/2016