57-231. ISSUANCE OF BONDS BY THE STATE OF IDAHO OR POLITICAL SUBDIVISIONS — VARIABLE INTEREST RATES PERMITTED — CREDIT ENHANCEMENT ARRANGEMENTS. Any other provision of law to the contrary notwithstanding, in the ordinance or resolution authorizing the issuance of any bonds, notes or other evidence of indebtedness otherwise permitted to be issued under the laws of the state of Idaho, the body charged with authorizing the issuance of such obligations for the state, its agencies, institutions, political subdivisions, cities, counties, school districts, irrigation districts, authorities, instrumentalities and municipal and quasi-municipal corporations now or hereafter existing under the laws of the state of Idaho, may specify either the rate or rates of interest, if any, on the bonds, notes or other evidences of indebtedness to be issued or may specify a method, formula or index pursuant to which the interest rate or rates on the bonds, notes or other evidences of indebtedness may be determined during the time such obligations are outstanding. Subject to the constitution, the resolution or ordinance may include the terms and conditions of arrangements which may be entered into by the issuer of such obligations with financial, banking and other institutions for letters of credit, standby letters of credit, reimbursement agreements and remarketing, indexing and tender agent agreements to secure such obligations, including payment from any legally available source of fees, charges or other amounts coming due under the agreements entered into in connection with the issuance of the obligations. Such arrangements need not be set forth in full in the resolution or ordinance, but may be incorporated by reference to the agreements entered into with the financial, banking or other institution.

History:

[57-231, added 1984, ch. 261, sec. 1, p. 631.]