The corporation shall have all the powers and be subject to all of the limitations and provisions contained in the act, as that law may hereinafter from time to time be amended.
A. The corporation shall have all the powers granted by, as well as limited by, the act and shall include the following:
1. To construct and maintain one or more industrial development facilities;
2. To lease to a lessee all or any part of any industrial development facility for such rentals and upon such terms and conditions, including options to purchase, as its board of directors considers advisable and not in conflict with the act;
3. To sell by installment contract or otherwise and convey all or any part of any industrial development facility for such purchase price and upon such terms and conditions as its board of directors considers advisable, which are not in conflict with the act;
4. To make secured loans for the purpose of providing temporary or permanent financing or refinancing of all or part of the project cost of any industrial development facility, including the refunding of any outstanding obligations, mortgages or advances issued, made or given by any person for the project costs; and to charge and collect interest on the loans for the loan payments upon such terms and conditions as its board of directors considers advisable which are not in conflict with the act;
5. To issue revenue bonds for the purpose of financing all or part of the project cost of any industrial development facility and to secure the payment of the revenue bonds as provided in the act;
6. As security for the payment of the principal of and interest on any revenue bonds issued and any agreements made in connection therewith, to mortgage, pledge or otherwise encumber any or all of its industrial development facilities or any part or parts thereof, whether then owned or thereafter acquired, and to assign any lease or mortgage and repledge any security conveyed to the corporation, to secure any loan made by the corporation and to pledge the revenues and receipts therefrom;
7. To sue and be sued, complain, and defend in its corporate name;
8. To make contracts and to execute all instruments necessary or convenient for the carrying out of its business;
9. To have a corporate seal and to use the same by causing it, or a facsimile thereof, to be impressed or affixed or in any other manner reproduced;
10. Subject to the limitations of Idaho Code 50-2706, to borrow money, accept grants from, or contract with, any local, state or federal governmental agency or with any financial public or private corporation;
11. To make and alter bylaws not inconsistent with its charter for the administration and regulation of the affairs of the corporation;
12. To collect fees or charges from users or prospective users of industrial development facilities to recover actual or anticipated administrative costs;
13. To execute financing documents incidental to the powers enumerated in this subsection;
B. The corporation is limited, however, by the following:
1. The corporation may not operate any industrial development facilities 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;
2. The corporation may not exercise any of the powers authorized in this section or issue any revenue bonds with respect to any industrial facility unless the industrial development facility is located wholly within the boundaries of the county;
3. The county may not give or lend any money or property nor exercise its power of eminent domain in aid of the corporation. This provision shall not preclude the county from dealing with the corporation on an arms length basis;
4. The corporation may not issue revenue obligations except upon approval of the county and upon approval of the city within whose planning jurisdiction the proposed industrial development facility lies.
C. Any net earnings of the corporation, beyond those necessary for retirement of indebtedness incurred by it, shall inure to the county and not for the benefit of any other person. Alteration of the charter of or dissolution of or audits of the corporation shall be as provided by the act and by subsequent resolutions of the county. Upon dissolution of the corporation, title to all property owned by the corporation shall vest in the county (Ord. 59, 2-2-1983)