A. Operation As Business: The corporation may not operate any industrial development facilities as a business other than as lessor, seller, or lender, but may purchase and hold mortgages, deeds of trust, or other security interests and contract for any servicing thereof.
B. County Funds: The county shall not give or lend any money in aid of the corporation except as expressly authorized by the act, nor exercise its powers of sovereignty, including the police power, the power of taxation, or the power of eminent domain, for or on behalf of the corporation. This provision shall not preclude the county from contracting with the corporation for the provision of services to the corporation or otherwise dealing with the corporation on an arms length basis. The county may, as authorized by section 50-2706, Idaho Code, accept grants from the United States and apply grants in connection with industrial development facilities.
C. Revenue Bonds; Financing Obligations: The corporation shall not issue revenue bonds or other financing obligations except upon the approval of the board of county commissioners. The corporation may not exercise any powers or issue any revenue bonds or other obligations with respect to any industrial development facility unless such facility is located wholly within the boundaries of the county, except as expressly set forth in the act.
D. Net Earnings: 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. Upon dissolution of the corporation, as provided by the Act, title to all property owned by the corporation shall vest in the county. (Ord. 37, 1-9-1984)