67-8922. AUTHORITY OBLIGATIONS ARE LEGAL INVESTMENTS. (1) The bonds of the authority shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, banking associations, trust companies, savings banks and savings associations, including savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or in other obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them. The bonds are also hereby made securities which may properly and legally be deposited with and received by all public officers and bodies of the state or any agency or political subdivisions of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter be authorized by law.
(2) In addition to the investments permitted under chapter 12, title 67, Idaho Code, and notwithstanding any limitations on investments contained in that chapter, the state treasurer is authorized and empowered to invest state funds or any other funds in his hands in fixed or variable rate bonds of the authority and to enter into agreements with the authority in connection with any such investment, so long as the term of the investment does not exceed thirty (30) years and the quality of the underlying credit, or the underlying credit as enhanced, is not less than investment grade.
History:
[67-8922, added 2005, ch. 53, sec. 1, p. 206; am. 2007, ch. 107, sec. 4, p. 312.]
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.