50-2717. PROCEEDINGS IN THE EVENT OF DEFAULT. The proceedings authorizing any revenue bonds under this chapter or any financing document securing the revenue bonds may provide that if there is a default in the payment of the principal of or the interest on the bonds or in the performance of any agreement contained in the proceedings or financing document, the payment and performance may be enforced by mandamus or by the appointment of a receiver in equity with power to charge and collect rents, purchase price payments and loan repayments, and to apply the revenues from the industrial development facility in accordance with the proceedings or provisions of the financing document. Any financing document entered into under this chapter to secure revenue bonds issued under this chapter may also provide that if there is a default in the payment thereof or a violation of any agreement contained in the financing document, the industrial development facility may be foreclosed and sold under proceedings in equity or in any other manner now or hereafter permitted by law. Any financing document may also provide that any trustee under the financing document or the holder of any revenue bonds secured thereby may become the purchaser at any foreclosure sale if it is the highest bidder.
History:
[50-2717, added 1982, ch. 119, sec. 1, p. 335.]
Structure Idaho Code
Title 50 - MUNICIPAL CORPORATIONS
Chapter 27 - MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM
Section 50-2701 - FINDING AND DECLARATION OF NECESSITY.
Section 50-2702 - DEFINITIONS.
Section 50-2703 - PUBLIC CORPORATIONS — CREATION, DISSOLUTION.
Section 50-2704 - BOARD OF DIRECTORS OF A PUBLIC CORPORATION.
Section 50-2705 - PUBLIC CORPORATIONS — DIRECTORS.
Section 50-2706 - PUBLIC CORPORATIONS — LIMITATIONS.
Section 50-2707 - PUBLIC CORPORATIONS — AUDIT BY STATE.
Section 50-2708 - PUBLIC CORPORATIONS — POWERS.
Section 50-2709 - REPORTING AND ASSISTANCE.
Section 50-2710 - REVENUE BONDS — PROVISIONS.
Section 50-2711 - INVESTMENT OF FUNDS.
Section 50-2712 - REVENUE BONDS — REFUNDING.
Section 50-2713 - TRUST AGREEMENTS.
Section 50-2714 - COMMINGLING OF BOND PROCEEDS OR REVENUES WITH MUNICIPAL FUNDS PROHIBITED.
Section 50-2715 - SUBLEASES AND ASSIGNMENT.
Section 50-2716 - DETERMINATION OF RENT.
Section 50-2717 - PROCEEDINGS IN THE EVENT OF DEFAULT.
Section 50-2718 - PUBLICATION OF PROCEEDINGS — CONTEST PERIOD.
Section 50-2719 - TAX EXEMPTION.
Section 50-2721 - BONDS ELIGIBLE FOR INVESTMENT.
Section 50-2722 - CONVEYANCE OF TITLE TO USER.
Section 50-2723 - CONSTRUCTION — SUPPLEMENTAL NATURE OF CHAPTER.