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ID H0014
Bill
Status
1/20/2021
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Redefines "taxing district" as "municipality" to mean any political subdivision, public agency, or instrumentality of Idaho that has power to incur indebtedness.
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Repeals sections 67-3902 through 67-3910 of Idaho Code relating to specific bankruptcy procedures and replaces with new section 67-3902 authorizing municipalities to proceed under all applicable federal bankruptcy laws at their discretion.
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Amends section 67-8908 to clarify that authorities are not "municipalities" as defined in section 67-3901 and prohibits authorities from filing bankruptcy as long as bonds are outstanding or contracts with participating utilities are in effect.
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Declares an emergency and provides the act takes effect retroactively to January 1, 2021.
Legislative Description
Amends and repeals existing law regarding the ability for municipalities to file for federal bankruptcy protection.
TAXING DISTRICTS
Last Action
U.C. to be returned to Revenue & Taxation Committee
2/2/2021