1. The County may not give or lend any money or property in aid of the Corporation. This provision shall not preclude the County from accepting grants from the United States government or any agency thereof and applying same in connection with Industrial Development Facilities.
2. The County shall annually review any financial statements of the Corporation and shall at all times have access to the books and records of the Corporation.
3. The Corporation may not issue Revenue Bonds except upon the approval of the County.
4. No Revenue Bonds may be issued by the Corporation unless the Board makes a finding that in its opinion the interest paid on the bonds will be exempt from income taxation by the federal government.
5. Revenue Bonds issued by this Corporation shall not be considered to constitute a debt of the State of Idaho, of the County, or of any other municipal corporation, quasi-municipal corporation, subdivision or agency of this state or to have pledged any or all of the faith and credit of any of those entities.
6. Revenue Bonds issued by the Corporation shall be payable solely from the revenues derived as a result of the Industrial Development Facilities funded by the Revenue Bonds, including, without limitation, amounts received under the terms of any Financing Document or by reason of any additional security furnished by the User of the Industrial Development Facility in connection with the financing thereof, and money and other property received from private sources.
7. Each Revenue Bond issued by this Corporation shall contain on its face statements to the effect that:
(a) Neither the State, the County, or any other municipal corporation, quasi-municipal corporation, subdivision or agency of the state is obligated to pay the principal or the interest thereon;
(b) No tax funds or governmental revenue may be used to pay the principal or interest thereon; and
(c) Neither any or all of the faith and credit nor the taxing power of the State, the County, or any other municipal corporation, quasi-municipal corporation, subdivision, or agency thereof is pledged to the payment of the principal of or the interest on the Revenue Bonds.
8. Revenue bonds issued pursuant to the Act shall bear the seal of the Corporation, which may either be physically impressed thereon or printed as a facsimile thereof, and the signature of the President of the Board, or in his absence and in his stead, the Vice-President, and the signature of the Secretary of the Board, or in his absence and in his stead, the Assistant Secretary. The signature may be either manual or facsimile, or a combination thereof.
9. The Corporation may incur only those financial obligations which will be paid, from revenues received pursuant to Financing Documents, from fees or charges paid by users or prospective users of the Industrial Development Facilities funded by the Revenue Bonds, or from the proceeds of Revenue Bonds. The Corporation has no authority to incur or create any liability that permits recourse by any person to any assets, resources, or credit of the County.
10. The Corporation constitutes an instrumentality of the County (within the meaning of Treasury Regulations and Section 103 of the Internal Revenue Code of 1954, as amended), and may act on behalf of the County only for the purposes set forth in this Charter. The Corporation is not a municipal corporation or a political subdivision within the meaning of the State Constitution, and the County shall not delegate to the Corporation any of its attributes of sovereignty, including, without limitation, the power to tax, the power of eminent domain and police power.
11. The finances of the Corporation are subject to examination by the Legislative Auditor’s Office at any time.
12. Within ten (10) days after the issuance of any Revenue Bonds by the Corporation, the Corporation shall record complete information with the State Department of Finance, Bureau of Securities, including the name of the issuer, the amount of Revenue Bonds issued, a description of the proposed Industrial Development Facilities and the projected increase in employment resulting from the construction of the Industrial Development Facilities.
13. The Corporation may not operate any Industrial Development Facility as a business other than as lessor, seller, or lender. The purchase and holding of mortgages, deeds of trust, or other security interests and contracting for any servicing thereof is not considered the operation of an Industrial Development Facility.
14. The Corporation may not exercise any of the powers authorized in this Charter or issue any Revenue Bonds with respect to any Industrial Development Facility unless the Industrial Development Facility is located wholly within the boundaries of the County. In cases involving proposed energy facilities or solid waste disposal facilities, which may be located partially or wholly outside the boundaries of the County, the Corporation must have approval of both the County, and planning and zoning approval by the county or city within whose planning jurisdiction the proposed Industrial Development Facilities lie.
15. No part of the proceeds received from the sale of any Revenue Bonds, or any revenue derived from any Industrial Development Facility, or any interest realized on moneys received may be commingled with funds of the County.
16. Before entering into a lease, sale contract or loan agreement with respect to any Industrial Development Facility, the Corporation shall determine that there are sufficient revenues to pay:
(a) The principal of and the interest on the Revenue Bonds proposed to be issued to finance the Industrial Development Facility;
(b) The amount necessary to be paid each year into any reserve funds which Corporation considers advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the Industrial Development Facility; and
(c) Unless the terms of the lease, sale contract or loan agreement provide that the lessee or contracting party shall maintain the Industrial Development Facility and carry all proper insurance with respect thereto, the estimated cost of maintaining the industrial facility in good repair and keeping it property insured.
17. Any resolution authorizing the issuance of Revenue Bonds shall be published one (1) time in a newspaper of general circulation within the County. Any Financing Document authorized therein may be incorporated as an exhibit but need not be published as part of the resolution. For a period of thirty (30) days from the date of such publication, any person in interest may file suit in any court of competent jurisdiction to contest the regularity, formality or legality of the proceedings authorizing the Revenue Bonds or the legality of the provisions of such resolution or the Revenue Bonds and the security therefor. After the expiration of the thirty (30) day period, no one shall have any right of action to contest the validity of the Revenue Bonds, the proceedings, the resolution or the pledges and covenants made in such proceedings and resolution, and the Revenue Bonds and the provisions for their payment shall be conclusively presumed to be legal and no court shall thereafter have authority to inquire into such matters.
18. At or prior to the time the principal of, interest and premium, if any, on any Revenue Bonds issued to provide a particular project have been fully paid, the Corporation may execute such deeds and conveyances as are necessary and required to convey its rights, title and interest in such project to any User, provided that if such conveyance is made prior to when the Revenue Bonds are fully paid, the Corporation has determined that adequate provision has been made for the payment of the principal of, interest and premium, if any, on the bonds as they become due.