Idaho State Statutes - Idaho Attorney Directory

The port commission of any port
district may by resolution, from time to time provide for the issuance of
funding or refunding revenue bonds to fund or refund any outstanding revenue
or other warrants, bonds, and any premiums thereon, and coupons evidencing
interest upon any such bonds at or before the maturity or first optional
redemption date of such coupons, warrants or bonds, and may combine various
outstanding revenue warrants and parts or all of various series and issues of
outstanding revenue bonds and matured coupons in the amount thereof to be
funded or refunded.
The port commission shall create a special fund for the sole purpose of
paying the principal of and interest on such funding or refunding revenue
bonds, into which fund the commission shall obligate and bind the port
district to set aside and pay any part or parts of, or all of, or a fixed
proportion of, or a fixed amount of the gross revenue of the port district
sufficient to pay such principal and interest as the same shall become due,
and if deemed necessary to maintain adequate reserves therefor.
Such funding or refunding bonds shall be negotiable instruments within the
provisions and intent of the laws of this state, and the tax revenue of the
port district may not be used to pay, secure, or guarantee the payment of the
principal of and interest on such bonds.
The port district may exchange such funding or refunding bonds for the
warrants, bonds, and coupons being funded or refunded, or it may sell such
funding or refunding bonds in the manner and at such price as the port
commission shall deem to be for the best interest of the district and its
inhabitants, either at public or private sale.
The provisions of this act relating to the terms, conditions, covenants,
issuance, and sale of revenue bonds shall be applicable to such funding or
refunding bonds except as may be otherwise specifically provided in this
section.

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