Airport Debt

Idaho Ballot Measure - H.J.R. 5

Election: Nov. 2, 2010 (General)
Outcome: Passed

Yes: 227492  (53.36%) Argument For
No: 198868  (46.64%) Argument Against

Categories:

Summary

    Meaning, Purpose and Result to be Accomplished

    Currently, local governmental entities that operate airports and regional airport authorities cannot incur indebtedness without the approval of a two-thirds vote at an election held for that purpose. This proposed amendment will allow local governmental entities that operate airports and regional airport authorities to issue revenue and special facility bonds to acquire, construct, install and equip land, facilities, buildings, projects or other property. Voter approval will not be required to incur such indebtedness, as long as the bonds are paid for by fees, charges, rents, payments, grants or other revenues derived from the airport or its facilities. The use of tax dollars to repay such bonds is prohibited.

    Measure Text

    "Shall Article VIII, of the Constitution of the State of Idaho be amended by the addition of a New Section 3E, to provide for the issuance of revenue and special facility bonds by political subdivisions of the state and regional airport authorities as defined by law, if operating an airport to acquire, construct, install, and equip land, facilities, buildings, projects or other property, which are hereby deemed to be for a public purpose, to be financed for, or to be leased, sold or otherwise disposed of to persons, associations or corporations, or to be held by the subdivision or regional airport authority, and may in the manner prescribed by law issue revenue and special facility bonds to finance the costs thereof; provided that any such bonds shall be payable solely from fees, charges, rents, payments, grants, or any other revenues derived from the airport or any of its facilities, structures, systems, or projects, or from any land, facilities, buildings, projects or other property financed by such bonds, and shall not be secured by the full faith and credit or the taxing power of the subdivision or regional airport authority?"