Idaho State Statutes - Idaho Attorney Directory

LEASE OF PROPERTY -- PERFORMANCE BOND OR OTHER FINANCIAL
GUARANTY. A port district may lease all real and personal property owned or
controlled by it, and/or improvements thereon, upon such terms as the port
commission deems proper; provided, that no lease shall be for a period longer
than fifty (50) years, and each lease of real property shall be secured by a
bond, with surety satisfactory to the port commission, or by such other rental
insurance or financial guaranty as may be deemed sufficient by the port
commission, conditioned to perform the terms of such lease, including the
payment in lieu of taxes provided for in this act; provided further, that
where the property is held by the district under lease from the United States
government or any agency, instrumentality or political subdivision thereof,
the port commission may sublease said property, with option for extensions, up
to the total term and extensions thereof permitted by such United States
lease, but in any event not to exceed ninety (90) years; provided further,
that in a lease, the term of which exceeds five (5) years, and when at the
option of the port commission it is so stipulated in the lease, the commission
shall accept, with surety satisfactory to it, a bond or other such rental
insurance or financial guaranty satisfactory to the port commission,
conditioned to perform the terms of the lease for some part of the term, in no
event less than five (5) years unless the remainder of the unexpired term is
less than five (5) years, in which case for the full remainder and in every
such case the commission shall require of the lessee, another or other like
bond or other rental insurance or financial guaranty to be delivered within
two (2) years, and not less than one (1) year prior to the expiration of the
period covered by the existing bond, covering an additional part of the term
in accordance with the foregoing provisions in respect to the original bond,
and so on until the end of the term so that there will always be in force a
bond or other rental insurance or financial guaranty securing the performance
of the lease, and the penalty in each bond or other rental insurance or
financial guaranty shall be not less than the rental for one-half (1/2) the
period covered thereby, but no bond or other rental insurance or financial
guaranty shall be construed to secure the furnishing of any other bond or
other rental insurance or financial guaranty.

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