Issuance Of Bonds — School Modernization Facilities Fund

TITLE 33 EDUCATION CHAPTER 9 SCHOOL FUNDS 33-913. Issuance of Bonds — School Modernization Facilities Fund. (1) The Idaho state building authority is hereby authorized to issue bonds from time to time as needed for the state department of education, secured by unobligated moneys in the school modernization facilities fund established in section 33-912 , Idaho Code, for the purpose of providing funds to the state department of education for distribution to eligible school districts as provided in this section. (2)  Bonds shall be issued with maturities of no more than ten (10) years from the date of issuance. (3)(a)  The annual debt service and related expenses of the Idaho state building authority for bonds issued under this section may not exceed the amount available from continuing appropriations of the school modernization facilities fund minus the annualized distributions elected by school districts. (b)  In times of economic recession in which sales tax receipts fall below prior year levels, the legislature may consider temporarily ceasing annualized distributions for those districts electing such annualized distributions. In the case of school districts that elect a lump sum, annual debt service and related expenses of such bonds may be covered during the economic recession by withholding other payments that would be made available to the district in response to the economic recession, such as distributions of rainy day funds or federal recovery funds.