12.30 COORDINATION OF BONDING ACTIVITIES.
1. As used in this section, unless the context otherwise
requires:
a. "Authority" means a department, or public or quasi-public
instrumentality of the state including but not limited to the
authority created under chapter 12E, 16, 175, 257C, 261A, or 463C,
which has the power to issue obligations, except that "authority"
does not include the state board of regents or the Iowa finance
authority to the extent it acts pursuant to chapter 260C.
"Authority" also includes a port authority created under chapter
28J.
b. "Obligations" means notes, bonds, including refunding
bonds, and other evidences of indebtedness of an authority.
2. Notwithstanding any other provision of the Code the treasurer
shall coordinate the issuance of obligations by authorities. The
treasurer, or the treasurer's designee, shall serve as ex officio
nonvoting member of each authority. Prior to the issuance of
obligations, an authority shall notify the treasurer of its intention
to do so. The treasurer shall:
a. Select and fix the compensation for, in consultation with
the respective authority, through a competitive selection procedure,
attorneys, accountants, financial advisors, banks, underwriters,
insurers, and other employees and agents which in the treasurer's
judgment are necessary to carry out the authority's intention. Prior
to the initial selection, the treasurer shall, after consultation
with the authorities, establish a procedure which provides for a fair
and open selection process including, but not limited to, the
opportunity to present written proposals and personal interviews.
The treasurer shall maintain a list of firms which have requested to
be notified of requests for proposal. The selection criteria shall
take into consideration, but are not limited to, compensation,
expenses, experience with similar issues, scheduling, ability to
provide the services of individuals with specific knowledge in the
relevant subject matter and length of the engagement. The treasurer
may waive the requirements for a competitive selection procedure for
any specific employment upon written notice to the executive council
stating why the waiver is in the public interest. Upon selection by
the treasurer, the authority shall promptly employ the individual or
firm and be responsible for payment of costs.
b. Submit an account to the respective authority for all
costs incurred in each transaction. The treasurer will charge an
authority for costs of administration. The authority shall disburse
to the treasurer the amounts set forth in the account.
c. Direct the investment or deposit of the proceeds of the
sale of the obligations, in accordance with the language of the
documents drafted to effectuate issuance of the obligations, except
for the proceeds necessary to fund the ongoing operations of the
authority. This paragraph does not apply to proceeds of obligations
issued before July 1, 1986.
d. Collect from an authority and other sources, any
statistical and financial information necessary to draft an offering
document or prepare a presentation necessary for the issuance or
marketing of the obligations.
3. Each respective authority shall consult with the treasurer on
the following:
a. Amount, terms, and conditions of the obligations to be
issued by the authority including other provisions deemed necessary
by the treasurer or the authority.
b. The documents or instruments necessary to effectuate
issuance of the obligation.
c. Presentations to rating agencies and marketing activities.
The treasurer may choose to participate in these presentations.
4. Professional services, including but not limited to attorneys,
accountants, financial advisors, banks, underwriters, insurers, and
other employees employed by a project sponsor may be selected by the
project sponsor, if the obligation is issued in behalf of the project
sponsor and the purchaser of the obligation does not have recourse to
the authority or state.
5. The treasurer may delay implementation of this section for up
to six months following July 1, 1986, for an authority to facilitate
an orderly transition.
12.30 COORDINATION OF BONDING ACTIVITIES.
1. As used in this section, unless the context otherwise
requires:
a. "Authority" means a department, or public or quasi-public
instrumentality of the state including but not limited to the
authority created under chapter 12E, 16, 175, 257C, 261A, or 463C,
which has the power to issue obligations, except that "authority"
does not include the state board of regents or the Iowa finance
authority to the extent it acts pursuant to chapter 260C.
"Authority" also includes a port authority created under chapter
28J.
b. "Obligations" means notes, bonds, including refunding
bonds, and other evidences of indebtedness of an authority.
2. Notwithstanding any other provision of the Code the treasurer
shall coordinate the issuance of obligations by authorities. The
treasurer, or the treasurer's designee, shall serve as ex officio
nonvoting member of each authority. Prior to the issuance of
obligations, an authority shall notify the treasurer of its intention
to do so. The treasurer shall:
a. Select and fix the compensation for, in consultation with
the respective authority, through a competitive selection procedure,
attorneys, accountants, financial advisors, banks, underwriters,
insurers, and other employees and agents which in the treasurer's
judgment are necessary to carry out the authority's intention. Prior
to the initial selection, the treasurer shall, after consultation
with the authorities, establish a procedure which provides for a fair
and open selection process including, but not limited to, the
opportunity to present written proposals and personal interviews.
The treasurer shall maintain a list of firms which have requested to
be notified of requests for proposal. The selection criteria shall
take into consideration, but are not limited to, compensation,
expenses, experience with similar issues, scheduling, ability to
provide the services of individuals with specific knowledge in the
relevant subject matter and length of the engagement. The treasurer
may waive the requirements for a competitive selection procedure for
any specific employment upon written notice to the executive council
stating why the waiver is in the public interest. Upon selection by
the treasurer, the authority shall promptly employ the individual or
firm and be responsible for payment of costs.
b. Submit an account to the respective authority for all
costs incurred in each transaction. The treasurer will charge an
authority for costs of administration. The authority shall disburse
to the treasurer the amounts set forth in the account.
c. Direct the investment or deposit of the proceeds of the
sale of the obligations, in accordance with the language of the
documents drafted to effectuate issuance of the obligations, except
for the proceeds necessary to fund the ongoing operations of the
authority. This paragraph does not apply to proceeds of obligations
issued before July 1, 1986.
d. Collect from an authority and other sources, any
statistical and financial information necessary to draft an offering
document or prepare a presentation necessary for the issuance or
marketing of the obligations.
3. Each respective authority shall consult with the treasurer on
the following:
a. Amount, terms, and conditions of the obligations to be
issued by the authority including other provisions deemed necessary
by the treasurer or the authority.
b. The documents or instruments necessary to effectuate
issuance of the obligation.
c. Presentations to rating agencies and marketing activities.
The treasurer may choose to participate in these presentations.
4. Professional services, including but not limited to attorneys,
accountants, financial advisors, banks, underwriters, insurers, and
other employees employed by a project sponsor may be selected by the
project sponsor, if the obligation is issued in behalf of the project
sponsor and the purchaser of the obligation does not have recourse to
the authority or state.
5. The treasurer may delay implementation of this section for up
to six months following July 1, 1986, for an authority to facilitate
an orderly transition.
12.30 COORDINATION OF BONDING ACTIVITIES.
1. As used in this section, unless the context otherwise
requires:
a. "Authority" means a department, or public or quasi-public
instrumentality of the state including but not limited to the
authority created under chapter 12E, 16, 175, 257C, 261A, or 463C,
which has the power to issue obligations, except that "authority"
does not include the state board of regents or the Iowa finance
authority to the extent it acts pursuant to chapter 260C.
"Authority" also includes a port authority created under chapter
28J.
b. "Obligations" means notes, bonds, including refunding
bonds, and other evidences of indebtedness of an authority.
2. Notwithstanding any other provision of the Code the treasurer
shall coordinate the issuance of obligations by authorities. The
treasurer, or the treasurer's designee, shall serve as ex officio
nonvoting member of each authority. Prior to the issuance of
obligations, an authority shall notify the treasurer of its intention
to do so. The treasurer shall:
a. Select and fix the compensation for, in consultation with
the respective authority, through a competitive selection procedure,
attorneys, accountants, financial advisors, banks, underwriters,
insurers, and other employees and agents which in the treasurer's
judgment are necessary to carry out the authority's intention. Prior
to the initial selection, the treasurer shall, after consultation
with the authorities, establish a procedure which provides for a fair
and open selection process including, but not limited to, the
opportunity to present written proposals and personal interviews.
The treasurer shall maintain a list of firms which have requested to
be notified of requests for proposal. The selection criteria shall
take into consideration, but are not limited to, compensation,
expenses, experience with similar issues, scheduling, ability to
provide the services of individuals with specific knowledge in the
relevant subject matter and length of the engagement. The treasurer
may waive the requirements for a competitive selection procedure for
any specific employment upon written notice to the executive council
stating why the waiver is in the public interest. Upon selection by
the treasurer, the authority shall promptly employ the individual or
firm and be responsible for payment of costs.
b. Submit an account to the respective authority for all
costs incurred in each transaction. The treasurer will charge an
authority for costs of administration. The authority shall disburse
to the treasurer the amounts set forth in the account.
c. Direct the investment or deposit of the proceeds of the
sale of the obligations, in accordance with the language of the
documents drafted to effectuate issuance of the obligations, except
for the proceeds necessary to fund the ongoing operations of the
authority. This paragraph does not apply to proceeds of obligations
issued before July 1, 1986.
d. Collect from an authority and other sources, any
statistical and financial information necessary to draft an offering
document or prepare a presentation necessary for the issuance or
marketing of the obligations.
3. Each respective authority shall consult with the treasurer on
the following:
a. Amount, terms, and conditions of the obligations to be
issued by the authority including other provisions deemed necessary
by the treasurer or the authority.
b. The documents or instruments necessary to effectuate
issuance of the obligation.
c. Presentations to rating agencies and marketing activities.
The treasurer may choose to participate in these presentations.
4. Professional services, including but not limited to attorneys,
accountants, financial advisors, banks, underwriters, insurers, and
other employees employed by a project sponsor may be selected by the
project sponsor, if the obligation is issued in behalf of the project
sponsor and the purchaser of the obligation does not have recourse to
the authority or state.
5. The treasurer may delay implementation of this section for up
to six months following July 1, 1986, for an authority to facilitate
an orderly transition.
