67-8716. UNLIMITED SALES TAX RECEIPTS PLEDGE. (1) The bond bank authority fund is hereby statutorily created in the state treasury. Moneys in the fund shall be used only as provided in this chapter. Earnings of the bond bank authority fund shall be deposited into the general fund as defined in section 67-1205, Idaho Code.

(2) If sufficient moneys are not available to pay debt service on the bonds of the authority, except for bonds the authority has specifically designated not to receive payment from the sales tax, as of five (5) days prior to the scheduled payment date of such bonds, the state treasurer shall give notice to the state controller, certifying the amount of the deficiency, at least five (5) days prior to the scheduled payment date. After receipt of the certified notice from the state treasurer pursuant to this subsection (2), the state controller shall cause moneys representing state sales tax receipts in the amount of the deficiency certified by the state treasurer to be transferred from the general fund as defined in section 67-1205, Idaho Code, and deposited in the bond bank authority fund; provided however, that in no event shall a transfer of moneys representing state sales tax receipts from the general fund under the provisions of this chapter impede or otherwise affect the payment of sales tax moneys pledged for the payment on other state bonds outstanding on the effective date of this act or subsequently issued as tax anticipation notes pursuant to section 63-3202, Idaho Code.

(3) Moneys transferred from the general fund to the bond bank authority fund pursuant to subsection (2) of this section shall be deposited in the reserve fund as replacement moneys for amounts withdrawn from the reserve fund to pay debt service on the bonds pursuant to section 67-8725, Idaho Code, to the extent such moneys are derived from amounts appropriated to the reserve fund by the legislature, or shall be used to pay debt service when due on bonds for which other moneys available pursuant to section 67-8727, Idaho Code, are insufficient.

(4) The state of Idaho pledges to and agrees with the holders of any bonds that the state will not alter, impair or limit the rights vested by the sales tax account pledge provided in this section and in section 63-3638, Idaho Code, with respect to the bonds until the bonds, together with applicable interest, are fully paid and discharged.

(5) To the extent that other legally available revenues and funds of the state are insufficient to meet the certified deficiency, the state tax commission shall transfer moneys from the sales tax account in section 63-3638, Idaho Code.

History:

[67-8716, added 2001, ch. 130, sec. 1, p. 458; am. 2002, ch. 148, sec. 4, p. 429; am. 2005, ch. 389, sec. 6, p. 1254; am. 2008, ch. 407, sec. 1, p. 1116; am. 2011, ch. 214, sec. 1, p. 600.]