(1) For the purpose of facilitating economic development and employment opportunities in the state of Idaho through the financing of the project costs of industrial development facilities, a municipality may enact an ordinance creating a public corporation for the purposes authorized in this chapter. The ordinance creating the public corporation shall approve a charter for the public corporation containing such provisions as are authorized by and not in conflict with this chapter. Any charter issued under this chapter shall contain in substance the limitations set forth in section 50-2706, Idaho Code. In any suit, action or proceeding involving the validity or enforcement of or relating to any contract of the public corporation and for all other purposes, the public corporation shall be conclusively presumed to have been duly created and authorized to transact business and exercise its powers under this chapter upon proof of the adoption of the ordinance creating the public corporation by the governing body. A copy of the ordinance duly certified by the clerk of the governing body of the municipality shall be admissible in evidence in any suit, action or proceeding.

Terms Used In Idaho Code 50-2703

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Municipality: means a city or county of this state. See Idaho Code 50-2702
  • Ordinance: means any appropriate method of taking official action or adopting a legislative decision by any municipality, whether known as a resolution, ordinance or otherwise. See Idaho Code 50-2702
  • person: includes a corporation as well as a natural person;
Idaho Code 73-114
  • Property: includes both real and personal property. See Idaho Code 73-114
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
  • (2)  A public corporation created by a municipality pursuant to this chapter may be dissolved by the municipality if the public corporation:
    (a)  Has no property to administer other than funds or property, if any, to be paid or transferred to the municipality by which it was established; and
    (b)  All its outstanding obligations have been satisfied.
    Such a dissolution shall be accomplished by the governing body of the municipality adopting an ordinance providing for the dissolution.
    (3)  The creating municipality may, at its discretion and at any time, alter or change the structure, organizational programs or activities of a public corporation, including termination of the public corporation if contracts entered into by the public corporation are not impaired. Any net earnings of a public corporation, beyond those necessary for retirement of indebtedness incurred by it, shall not inure to the benefit of any person other than the granting municipality. Upon dissolution of a public corporation, title to all property owned by the public corporation shall vest in the municipality.