Idaho State Statutes - Idaho Attorney Directory

An authority shall have power to issue bonds, from
time to time, in its discretion, for any of its corporate purposes. An
authority shall also have power to issue refunding bonds for the purpose of
paying or retiring bonds previously issued by it. In order to carry out the
purposes of this chapter, an authority may issue, upon proper resolution,
bonds on which the principal and interest are payable:
(a) Exclusively from the income and revenue of a housing project financed
with the proceeds of such bonds; or
(b) Exclusively from such income and revenues together with grants and
contributions from the federal government or other source in aid of such
project; or
(c) From all or part of its revenues or assets generally.
Any such bonds may be additionally secured by a pledge of any income or
revenues of the authority, or a mortgage of any housing project, projects or
other property of the authority. Any pledge made by the authority shall be
valid and binding from the time when the pledge is made and recorded; the
revenues, moneys or property so pledged and thereafter received by the
authority shall immediately be subject to the lien of the pledge without any
physical delivery thereof or further act, and the lien of any such pledge
shall be valid and binding as against all parties having claims of any kind in
tort, contract or otherwise against the authority, irrespective of whether the
parties have notice thereof.
Neither the commissioners of any authority nor any person executing the
bonds shall be liable personally on the bonds by reason of the issuance
thereof. The bonds and other obligations of an authority shall state on their
face that they shall not be a debt of the county, the state or any political
subdivision thereof and neither the county, the state nor any political
subdivision thereof shall be liable thereon, nor in any event shall such bonds
or obligations be payable out of any funds other than those of said authority.
Bonds of an authority are declared to be issued for an essential public and
governmental purpose and to be public instrumentalities and, together with
interest thereon and income therefrom, shall be exempt from taxes.

Click here to visit the Official Idaho State Statutes