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|   Idaho Statutes
ati53039.tmp
REVENUE AND
TAXATION CHAPTER 32 ANTICIPATION OF REVENUE BY STATE 63-3203.Tax anticipation note redemption fund. To provide for the payment
of the principal of and interest on tax anticipation notes there is
hereby created a special fund to be known as the "Tax Anticipation
Note Redemption Fund." Whenever any tax anticipation notes have
been issued in anticipation of income or revenue from taxes as authorized
and directed by this chapter, all income or revenue realized from
the taxes which were specified in the approved plan of financing to
be anticipated shall be placed in the tax anticipation note redemption
fund until such time as the funds accumulated therein shall be sufficient
to pay the principal amount of all such notes outstanding, together
with interest thereon until paid; and the funds so accumulated in
the redemption fund are hereby appropriated and set aside solely for
such purposes; provided, however, except as otherwise provided in
the constitution of the state of Idaho nothing in this chapter shall
be construed to limit the payment of the principal and interest of
tax anticipation notes solely to the income and revenues from the
specific taxes in anticipation of which the notes were issued. Accrued
interest received upon the sale of the tax anticipation notes shall
be deposited by the state treasurer in the redemption fund. The state
treasurer is authorized to invest all moneys from time to time in
the redemption fund in any authorized investment of the state treasurer
maturing at a time or times which will permit payment of the principal
of and interest on the tax anticipation notes in a timely manner when
due. The state treasurer is authorized to covenant with the purchasers
of the tax anticipation notes as to the manner of holding moneys in
the redemption fund, the investments of moneys in the redemption fund
and the disposition of any investment income therefrom either by retaining
investment income in the redemption fund to be used to pay principal
of and interest on tax anticipation notes when due or by paying the
investment income to the state treasurer for deposit into the general
account in the operating fund of the state; provided, however, whenever
there is sufficient money in the redemption fund to pay all principal
of and interest on all outstanding tax anticipation notes payable
therefrom, all investment income thereon must be paid to the state
treasurer for deposit into the general account in the state operating
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