Idaho Code 39-8113 – Notes and Bonds of Financing Authority Are Tax Exempt
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Terms Used In Idaho Code 39-8113
- Basin: means the watershed of Coeur d’Alene Lake within the counties of Shoshone, Kootenai and Benewah in the state of Idaho. See Idaho Code 39-8103
- basin project: means the environmental and natural resources restoration and related measures regarding heavy metal contamination in the basin undertaken by the commission. See Idaho Code 39-8103
- commission: means the entity organized by the authority of this chapter and agreements, compacts, reciprocal legislation or resolutions with or by the United States of America, the Coeur d’Alene tribe or the state of Washington to implement the basin project. See Idaho Code 39-8103
- financing authority: means the entity established by the authority of this chapter, and agreements, compacts, reciprocal legislation or resolutions with or by the United States of America, the Coeur d’Alene tribe or the state of Washington to accept and invest funds and finance the activities of the basin project. See Idaho Code 39-8103
- Property: includes both real and personal property. See Idaho Code 73-114
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
The basin project commission and the financing authority perform essential governmental functions in the exercise of the powers conferred upon them under this chapter. The notes and bonds of the financing authority issued under this chapter, and the income therefrom, including any profit made on the sale thereof, and all its fees, charges, gifts, grants, revenues, receipts, and other moneys received, pledged to pay or secure the payment of the notes or bonds, are exempt from taxation by the state, municipalities and all other political subdivisions of the state. Any property acquired or used by the basin project commission consistent with this chapter are [is] exempt from taxation and assessments.