(1) A public corporation created under this chapter has the following powers with respect to industrial development facilities together with all powers incidental thereto or necessary for the performance thereof:
(a)  To locate, construct and maintain one or more industrial development facilities;
(b)  To lease to a lessee all or any part of any industrial development facility for such rentals and upon such terms and conditions, including renewal of the lease or options to purchase, as its board of directors considers advisable and not in conflict with this chapter;
(c)  To sell by installment contract or otherwise and convey all or any part of any industrial development facility for such purchase price and upon such terms and conditions as its board of directors considers advisable which are not in conflict with this chapter;
(d)  To make loans for the purpose of providing temporary or permanent financing or refinancing of all or part of the project cost of any industrial development facility, including the refunding of any outstanding obligations, mortgages or advances issued, made or given by any person for the project costs; and to charge and collect interest on the loans for the loan payments upon such terms and conditions as its board of directors considers advisable which are not in conflict with this chapter;
(e)  To issue revenue bonds for the purpose of financing all or part of the project cost of any industrial development facility and to secure the payment of the revenue bonds as provided in this chapter. Issuance of revenue bonds for facilities pursuant to this chapter shall not preclude the issuance of additional revenue bonds in connection with the same facility. Any subsequent bond issue shall recognize and protect any prior pledge made for any prior issue of revenue bonds.
(f)  As security for the payment of the principal of and interest on any revenue bonds, issued, and any agreements made in connection therewith, to mortgage, pledge or otherwise encumber any or all of its industrial development facilities or any part or parts thereof, whether then owned or thereafter acquired, and to assign any mortgage and repledge any security conveyed to the public corporation, to secure any loan made by the public corporation and to pledge the revenues and receipts therefrom;
(g)  To sue and be sued, complain and defend in its corporate name;
(h)  To make contracts and to execute all instruments necessary or convenient for the carrying out of its business;
(i)  To have a corporate seal and to use the same by causing it, or a facsimile thereof, to be impressed or affixed or in any other manner produced;
(j)  Subject to the limitations of section 50-2706, Idaho Code, to borrow money, accept grants from, or contract with any local, state or federal governmental agency or with any financial, public or private corporation;
(k)  To make and alter bylaws not inconsistent with this chapter for the administration and regulation of the affairs of the corporation;
(l)  To collect fees or charges from users or prospective users of industrial development facilities to recover actual or anticipated administrative costs;
(m)  To expend surplus fees or charges collected from users or prospective users of industrial development facilities for construction of public facilities including, but not limited to, sidewalks, landscaping, water and sewer systems, roads, extension of utility services and roads, but such expenditures shall be limited to projects which are within the limits and purposes of this chapter; and to conduct or contract for studies to determine features needed by local governments to foster economic development;
(n)  To execute financing documents incidental to the powers enumerated in this section.
(2)  No public corporation created under this chapter may operate any industrial development facility as a business other than as lessor, seller or lender. The purchase and holding of mortgages, deeds of trust or other security interests and contracting for any servicing thereof is not considered the operation of an industrial development facility.
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Terms Used In Idaho Code 50-2708

  • Board of directors: means the board of directors of a public corporation. See Idaho Code 50-2702
  • construct: means construction and acquisition, whether by devise, purchase, gift, lease or otherwise. See Idaho Code 50-2702
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Municipality: means a city or county of this state. See Idaho Code 50-2702
  • person: includes a corporation as well as a natural person;
Idaho Code 73-114
  • seal: includes an impression of such seal upon the paper, alone, as well as upon wax or a wafer affixed thereto; or, alternatively, the seal may be the mark of a rubber stamp providing substantially the same information as the impression. See Idaho Code 73-111
  • 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
    • (3)  No public corporation may exercise any of the powers authorized in this section or issue any revenue bonds with respect to any industrial development facility unless the industrial development facility is located wholly within the boundaries of the municipality under whose auspices the public corporation is created. In cases involving proposed energy or solid waste disposal facilities which may be located partially or wholly outside the boundaries of the creating municipality, no public corporation may issue revenue obligations under this chapter except upon the approval of both the municipality under the auspices of which it was created and planning and zoning approval by the county or city within whose planning jurisdiction the proposed industrial development facility lies.