TAX ANTICIPATION BONDS OR NOTES

SECTION 42-D. SUBSECTION A. The mayor and common council of Boise City shall have the power from time to time, by resolution, to borrow money and to issue tax anticipation bonds or notes, bearing interest at such rate not exceeding six percent per annum as may be determined by the mayor and common council, and maturing not more than one year from the date thereof, for the purpose of providing funds in anticipation of the collection of taxes of the current fiscal year in which said tax anticipation bonds or notes are issued, exclusive of taxes required to be raised to pay the principal of outstanding bonded indebtedness of Boise City, the proceeds of such bonds or notes to be used for the purpose for which said taxes are levied. The amount authorized to be borrowed by means of such tax anticipation bonds or notes shall not exceed seventy-five percent of the taxes levied for the current fiscal year and not yet collected by said Boise City. If the tax levy for the fiscal year has not been computed, then the amount of tax anticipation bonds or notes issued in anticipation of taxes to be levied for such fiscal year shall not exceed seventy-five percent of the taxes levied by said Boise City in the previous fiscal year. In determining the amount of tax anticipation bonds or notes which may be issued, the mayor and common council shall declare in the resolution providing for the issuance of such bonds or notes the amount of taxes levied for the current fiscal year and the amount of such taxes not yet collected by Boise City, or in the event that the tax levy for the fiscal year has not been completed, the mayor and common council shall declare in the resolution providing for the issuance of such tax anticipation bonds or notes the amount of taxes levied by the said Boise City in the previous fiscal year. In each instance, taxes raised or to be raised to pay the principal of outstanding bonded indebtedness of the said Boise City shall not be included in the amount of taxes against which such tax anticipation bonds or notes are authorized to be issued. Such tax anticipation bonds or notes shall be negotiable instruments, and the full faith, credit and resources of Boise City shall be pledged for the payment of the same. Such bonds or notes shall be issued in such form and detail as shall be determined by the mayor and common council of Boise City by resolution duly adopted.

SUBSECTION B. Such tax anticipation bonds or notes may be sold at public or private sale at such times, in such amounts and on such terms as may be determined by the mayor and common council.

SUBSECTION C. To provide for the payment of said tax anticipation bonds or notes at maturity, there shall be created by the resolution providing for the issuance of said tax anticipation bonds or notes a special fund to be known as the "Tax Anticipation Bond or Note Redemption Fund." Whenever any tax anticipation bonds or notes have been issued in anticipation of the collection of taxes, all such taxes thereafter collected or received, the collection of which has been so anticipated, shall be placed in the "Tax Anticipation Bond or Note Redemption Fund" until such time as the funds accumulated therein shall be sufficient to pay all such tax anticipation bonds or notes outstanding, together with interest thereon at maturity, and the funds so accumulated in the "Tax Anticipation Bond or Note Redemption Fund" are hereby appropriated and set apart for such purpose only, and shall be used for no other purpose; provided, however, that nothing in this section shall be construed to limit the payment of the principal of and interest on said tax anticipation bonds or notes solely to the taxes, in anticipation of which said bonds or notes were issued, but such bonds or notes shall be the direct and general obligation of Boise City.

SUBSECTION D. In the event that the taxes collected for any fiscal year prior to date on which final installment of such taxes becomes delinquent shall not be sufficient to pay the tax anticipation bonds or notes issued in anticipation of the collection of taxes of such fiscal year, the said Boise City shall in providing for the levy of taxes for the succeeding fiscal year, include in such tax levy for the succeeding fiscal year the amount necessary to cover such deficiency in the collection of such taxes, such levy in the succeeding year to be in an amount which, together with the amount of taxes then in such "Tax Anticipation Bond or Note Redemption Fund" shall be sufficient to provide for the payment of principal of and interest on the tax anticipation bonds or notes issued in anticipation of such taxes and payable out of such fund.

SUBSECTION E. Boise City shall have the power to issue refunding bonds or notes, with like limitations upon interest and maturity, and shall issue refunding bonds or notes where such refunding bonds or notes shall be necessary to provide for the payment of any tax anticipation bonds or notes at maturity, or to provide for the payment of any tax anticipation bonds or notes heretofore issued by Boise City where such tax anticipation bonds or notes are outstanding and unpaid after their maturity date. Said refunding bonds or notes shall be authorized by resolution and shall be issued, sold and paid as herein provided for the issuance, sale and payment of tax anticipation bonds or notes. At no time shall the total amount outstanding of such tax anticipation bonds or notes and such refunding bonds or notes exceed seventy-five percent of the amount of taxes levied for the current fiscal year and not yet collected by said Boise City, or if such refunding bonds or notes are issued before the tax levy for any fiscal year has been completed, then the total amount outstanding of such tax anticipation bonds or notes and such refunding bonds or notes shall not exceed seventy-five percent of the amount of taxes levied by said Boise City in the previous fiscal year; provided that where refunding bonds or notes have been issued or the issuance thereof has been provided for by the adoption of a resolution for the purpose of refunding any tax anticipation bonds or notes, the said tax anticipation bonds or notes to be refunded by said refunding bonds or notes shall not be included in determining the total amount of tax anticipation bonds and notes outstanding, but for that purpose shall be treated as having been refunded and retired by such refunding bonds or notes.

SUBSECTION F. This Act shall be construed as full authority for the issuance of such tax anticipation bonds or notes, and it shall not be necessary to comply with the requirements or provisions of any other section or provision of Boise City charter as amended, relative to the issuance or sale of bonds or notes of Boise City in connection with the issuance of tax anticipation bonds or notes issued under the authority of this Act.

SUBSECTION G. In order to carry out the provisions of this Act, all necessary actions are hereby authorized and directed.

   Ch. 63 S.L. 1935.