67-8917. PAYMENT OF BONDS — NONLIABILITY OF STATE. (1) Bonds issued by the authority shall not constitute or become an indebtedness, or a debt or liability of the state or any agency or subdivision of the state and neither the state nor any of its agencies or subdivisions shall be liable on such bonds nor shall the bonds constitute the giving, pledging or loaning of the faith and credit of the state or any agency or subdivision of the state, but shall be payable solely from the funds provided for their payment. The issuance of bonds under the provisions of this chapter shall not, directly, indirectly or contingently, obligate the state or any agency or subdivision of the state to levy or collect any form of taxes or assessments for their payment or to create any indebtedness payable out of taxes or assessments. Nothing in this chapter shall be construed to authorize the authority to create a debt of the state within the meaning of the constitution or statutes of the state of Idaho or authorize the authority to levy or collect taxes or assessments and all bonds issued by the authority pursuant to the provisions of this chapter are payable and shall state that they are payable solely from the funds pledged for their payment in accordance with the resolution authorizing their issuance or in any trust indenture or mortgage or deed of trust executed as security therefor and are not a debt or liability of the state of Idaho.
(2) The state shall not in any event be liable for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the authority. No breach of any such pledge, mortgage, obligation or agreement shall impose any pecuniary liability upon the state or any charge upon its general credit or against its taxing power.
(3) All expenses incurred in carrying out the provisions of this chapter shall be payable solely from funds provided under the authority of this chapter and no liability or obligation shall be incurred by the authority beyond the extent to which moneys shall have been provided under this chapter.
History:
[67-8917, added 2005, ch. 53, sec. 1, p. 204.]
Structure Idaho Code
Title 67 - STATE GOVERNMENT AND STATE AFFAIRS
Chapter 89 - IDAHO ENERGY RESOURCES AUTHORITY ACT
Section 67-8901 - SHORT TITLE.
Section 67-8902 - DECLARATION OF NECESSITY AND PURPOSE.
Section 67-8903 - DEFINITIONS.
Section 67-8904 - CREATION OF IDAHO ENERGY RESOURCES AUTHORITY.
Section 67-8905 - DIRECTORS — TERMS OF OFFICE — APPOINTMENT — FILLING VACANCIES AND REMOVAL.
Section 67-8906 - QUORUM — MODE OF ACTION — COMPENSATION.
Section 67-8909 - DEVELOPMENT, ACQUISITION AND CONSTRUCTION OF FACILITIES.
Section 67-8910 - MANAGEMENT AND OPERATION OF FACILITIES.
Section 67-8911 - SALE OF ELECTRICITY, PRODUCT OR SERVICE FROM FACILITIES — CHARGES.
Section 67-8912 - COST RECOVERY AND RATE STABILIZATION CHARGES OF PARTICIPATING UTILITIES.
Section 67-8913 - COOPERATION WITH OTHER AGENCIES AND SUBDIVISIONS.
Section 67-8914 - EXEMPTION FROM INCOME TAXATION.
Section 67-8915 - ISSUANCE OF BONDS TO FINANCE FACILITIES.
Section 67-8916 - REFUNDING BONDS.
Section 67-8917 - PAYMENT OF BONDS — NONLIABILITY OF STATE.
Section 67-8918 - STATE’S PLEDGE.
Section 67-8920 - EXEMPTION OF REAL PROPERTY OF AUTHORITY FROM LEVY AND SALE BY EXECUTION.
Section 67-8921 - ANNUAL REPORT.
Section 67-8922 - AUTHORITY OBLIGATIONS ARE LEGAL INVESTMENTS.
Section 67-8923 - CHAPTER NOT A LIMITATION OF POWERS.
Section 67-8924 - CONSTITUTIONALITY.