Idaho Code 50-3107 – Finances
Current as of: 2023 | Check for updates
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(1) Only community infrastructure to be publicly owned by this state or a political subdivision thereof may be financed pursuant to this chapter.
(2) Community infrastructure to be financed or acquired, or publicly or privately constructed pursuant to this chapter shall be subject to the required bidding procedures for any Idaho public agency.
Terms Used In Idaho Code 50-3107
- Community infrastructure: means improvements that have a substantial nexus to the district and directly or indirectly benefit the district. See Idaho Code 50-3102
- District: means a community infrastructure district formed pursuant to this chapter. See Idaho Code 50-3102
- General plan: means the general plan described in section 50-3103(1), Idaho Code, as the plan may be amended from time to time. See Idaho Code 50-3102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Special assessment: means an assessment imposed upon real property located within an assessment area for a specific purpose and of a special benefit to the affected property, collected and enforced in the same manner as property taxes, that may be apportioned according to the direct or indirect special benefits conferred upon the affected property, as well as any, or any combination, of the following: acreage, square footage, front footage, the cost of providing community infrastructure for the affected property, or any other reasonable method as determined by the district board. See Idaho Code 50-3102
- 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) Community infrastructure shown in the general plan may be financed from the following sources of revenue:
(a) Proceeds received from the sale of bonds of the district;
(b) Moneys of a county or city contributed to the district;
(c) Property taxes or special assessments;
(d) State or federal grants or contributions;
(e) Private contributions;
(f) User, landowner and other fees and charges;
(g) Proceeds of loans or advances; and
(h) Any other moneys available to the district by law.
(4) The amount of indebtedness evidenced by general obligation bonds issued pursuant to section 50-3108, Idaho Code, special assessment bonds issued pursuant to section 50-3109, Idaho Code, and revenue bonds issued pursuant to section 50-3110, Idaho Code, shall not exceed the estimated cost of the community infrastructure to be financed with such bonds, plus all costs connected with the issuance and sale of such bonds, including formation costs, credit enhancement and liquidity support fees and costs. The total aggregate outstanding principal amount of general obligation bonds and other indebtedness for which the full faith and credit of the district are pledged shall not affect the general obligation bonding capacity of any county or city in which the district is located.
(5) Bonds issued by a district shall not be a general obligation of this state or any political subdivision thereof, including any county or city in which the district is located and shall not pledge the full faith and credit of this state or any political subdivision thereof, including any county or city in which the district is located.