State Codes and Statutes
Statutes >
Iowa >
Title-1 >
Subtitle-10 >
Chapter-28f >
28f-10
28F.10 REFUNDING BONDS.
Refunding bonds may be issued by an entity in a principal amount
sufficient to provide funds for the payment (including premium, if
any) of bonds issued by said entity pursuant to the provisions of
this chapter to be refunded thereby and the interest thereon and in
addition for the payment of all expenses incident to the calling,
retiring, or paying of such outstanding bonds to be refunded, such
refunding bonds may also finance the construction of a project or
projects authorized by this chapter or the improvement, addition,
betterment or extension of an existing project or projects so
authorized. Said refunding bonds shall not be issued to refund the
principal of and interest on any bonds to be refunded unless such
bonds mature or are redeemable under their terms within ten years
from the date of delivery of the refunding bonds. The proceeds of
said refunding bonds to be used for the payment of the principal of,
interest on and redemption premiums, if any, on said bonds to be
refunded which will not be due and payable immediately shall be
deposited in trust for the sole purpose of making such payments in a
bank or trust company within the state. Any moneys in such trust
fund, prior to the date such funds will be needed for the payment of
such principal of, interest on and redemption premiums, if any, of
such outstanding bonds to be refunded, may be invested or reinvested
as provided in the resolution authorizing said refunding bonds.
Refunding bonds shall be issued in the same manner and detail as
revenue bonds herein authorized. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 28F.10]
