Idaho State Statutes - Idaho Attorney Directory

(1) (a) Any school district through its board of trustees or its
superintendent may request that the state treasurer issue a certificate
evidencing eligibility for the state's guaranty of its eligible bonds
under this chapter.
(b) After reviewing the request, if the state treasurer determines that
the board is eligible, the state treasurer shall promptly issue the
certificate and provide it to the requesting board.
(c) (i) The school district receiving the certificate and all other
persons may rely on the certificate as evidencing eligibility for the
guaranty for one (1) year from and after the date of the certificate,
without making further inquiry of the state treasurer during the
year. The certificate of eligibility shall state that the guarantee
is good for the life of the bond. This guarantee shall be printed on
all bonds guaranteed pursuant to this chapter or shall be an addendum
attached to all bonds guaranteed pursuant to this chapter.
(ii) The certificate of eligibility is valid for the life of the
bond, even if the state treasurer later determines that the school
district is ineligible. If the state treasurer later determines that
the school district is ineligible, the treasurer shall publish a
twenty (20) days' notice as provided in section 60-109, Idaho Code,
in a newspaper of general circulation in the county of the school
district and in a newspaper in the county where the state capitol is
located regarding the ineligibility. Additionally, the treasurer
shall notify the underwriter of the bonds and the bond counsel of its
office's finding. The underwriter and the bond counsel shall make a
good faith effort to notify holders of the bonds of the treasurer's
determination.
(2) Any board that chooses to forego the benefits of the guaranty
provided by this chapter for a particular issue of bonds may do so by not
referring to this chapter on the face of its bonds.
(3) Any district that has bonds, the principal of or interest on which
has been paid, in whole or in part, by the state under this chapter may not
issue any additional bonds guaranteed by this act until:
(a) All payment obligations of the district to the state under the
default avoidance program are satisfied; and
(b) The state treasurer certifies in writing, to be kept on file by the
state treasurer, that the school district is fiscally solvent.
(4) Bonds not guaranteed by this chapter are not included in the
definition of "bond" in section 33-5302, Idaho Code, as used generally in this
chapter, are not subject to the requirements of and do not receive the
benefits of this chapter.

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