Terms Used In Idaho Code 70-1719

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Such general obligation bonds shall be sold in such manner as the port commission shall by resolution direct, either at public or private sale and at a price of not less than par plus accrued interest to date of delivery and payment. The maximum effective interest rate may not exceed the maximum interest rate specified in the proposition authorizing the bonds.