Idaho State Statutes - Idaho Attorney Directory

UNLIMITED SALES TAX ACCOUNT PLEDGE -- STATE TAX COMMISSION
DUTIES.
(1) (a) In each year after the issuance of general obligation notes under
this chapter and until all outstanding notes are retired, there shall be
transferred from the state sales tax account pursuant to section 63-3638,
Idaho Code, an amount sufficient to pay all principal of and interest on
the general obligation notes as they become due.
(b) If moneys expected to be intercepted under this chapter are expected
to be insufficient to reimburse the state for its payments of school
districts' scheduled debt service payments or it is necessary for the
state treasurer to borrow as provided in this chapter and amounts to be
intercepted under this chapter are expected to be insufficient to timely
pay the general obligation notes issued or other borrowing undertaken
under that section, the state treasurer shall certify to and give notice
to the state tax commission of the amount of the deficiency.
(c) After receipt of that certified notice from the state treasurer, the
state tax commission shall:
(i) Immediately fix the amount necessary and in the amount of the
deficiency stated in the notice; and
(ii) Cause moneys to be transferred from the state sales tax account
pursuant to section 63-3638, Idaho Code, and deposited in the public
school guarantee fund which is hereby statutorily created.
(2) To the extent that other legally available revenues and funds of the
state are sufficient to meet the certified deficiency, the moneys transferred
from the sales tax account in section 63-3638, Idaho Code, is abated.

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