State Codes and Statutes
Statutes >
Iowa >
Title-1 >
Subtitle-10 >
Chapter-28j >
28j-23
28J.23 REMEDY OF HOLDER OF BOND OR COUPON -- STATUTE
OF LIMITATIONS.
1. The sole remedy for a breach or default of a term of a port
authority revenue bond or pledge order is a proceeding in law or in
equity by suit, action, or mandamus to enforce and compel performance
of the duties required by this chapter and of the terms of the
resolution authorizing the issuance of the revenue bonds or pledge
orders, or to obtain the appointment of a receiver to take possession
of and operate the port authority, and to perform the duties required
by this chapter and the terms of the resolution authorizing the
issuance of the port authority revenue bonds or pledge orders.
2. An action shall not be brought which questions the legality of
port authority revenue bonds or pledge orders, the power of a port
authority to issue revenue bonds or pledge orders, or the
effectiveness of any proceedings relating to the authorization and
issuance of revenue bonds or pledge orders, from and after fifteen
days from the time the bonds or pledge orders are ordered issued by
the port authority. Section History: Recent Form
2005 Acts, ch 150, §111
