31-4506. SECURITY FOR REVENUE BONDS. The principal of, and interest and premiums, if any, on any revenue bonds issued hereunder shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may also be payable out of proceeds from the sale of the pollution control facility acquired with proceeds of such revenue bonds, but shall not be secured by the full faith and credit or the taxing power of the state of Idaho or of any political subdivision thereof. The resolution under which the revenue bonds are authorized to be issued and any indenture executed as security for the revenue bonds, may contain any agreements and provisions respecting the maintenance of the properties covered thereby, the fixing and collection of rents for any portions thereof leased by the county to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, including the designation of a trustee, which may be a bank or trust company, the principal place of business of which may be within or without the state of Idaho, all as the board shall deem advisable and not in conflict with the provisions hereof. Each pledge and agreement made for the benefit or security of any of the revenue bonds issued hereunder shall continue effective until the principal of, and interest and premiums, if any, on the revenue bonds for the benefit of which the same were made shall have been fully paid or provision for such payment duly made. In the event of default in such payment or in any agreements of the county made as a part of the contract under which the revenue bonds were issued, whether contained in the proceedings authorizing the revenue bonds or in any indenture executed as security therefor, said payment or agreement may be enforced by suit, mandamus or the appointment of a receiver in equity, or any one (1) or more of said remedies.
History:
[31-4506, added 1975, ch. 52, sec. 6, p. 105.]
Structure Idaho Code
Title 31 - COUNTIES AND COUNTY LAW
Chapter 45 - POLLUTION CONTROL FINANCING
Section 31-4501 - SHORT TITLE.
Section 31-4502 - DECLARATION OF NECESSITY AND PURPOSE — LIBERAL CONSTRUCTION.
Section 31-4503 - DEFINITIONS.
Section 31-4506 - SECURITY FOR REVENUE BONDS.
Section 31-4507 - PAYMENT OF REVENUE BONDS — NONLIABILITY OF STATE AND COUNTY.
Section 31-4509 - CONVEYANCE OF TITLE TO LESSEE.
Section 31-4510 - POWERS NOT RESTRICTED — LAW COMPLETE IN ITSELF — ELECTION.
Section 31-4511 - INVESTMENT OF FUNDS.
Section 31-4512 - BONDS ELIGIBLE FOR INVESTMENT.
Section 31-4513 - EXEMPTION FROM CONSTRUCTION AND BIDDING REQUIREMENTS FOR PUBLIC BUILDINGS.
Section 31-4514 - JOINT OPERATION.
Section 31-4515 - TAX EXEMPTION.
Section 31-4516 - BOND ELECTIONS — VALIDATION OF ELECTIONS AND BONDS.