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12-80
12.80 GENERAL AND SPECIFIC BONDING POWERS -- PRISON
INFRASTRUCTURE.
1. The treasurer of state is authorized to issue bonds to provide
prison infrastructure financing as provided in this section. Bonds
shall be issued in accordance with the provisions of chapter 12A.
2. Bonds issued under this section are payable solely and only
out of the moneys, assets, or revenues of the prison infrastructure
fund established in section 602.8108A, and other moneys available as
provided in this section, all of which may be deposited with trustees
or depositories in accordance with bond or security documents, and
are not an indebtedness of this state, or a charge against the
general credit or general fund of the state, and the state shall not
be liable for the bonds except from amounts on deposit in the prison
infrastructure fund and other moneys available as provided in this
section. Bonds issued under this section shall contain a statement
that the bonds do not constitute an indebtedness of the state.
3. Bonds issued under this section are declared to be issued for
an essential public and governmental purpose and all bonds issued
under this section shall be exempt from taxation by the state of Iowa
and the interest on the bonds shall be exempt from the state income
tax and the state inheritance tax.
4. The net proceeds from the bonds issued under this section
shall be deposited into the FY 2009 prison bonding fund.
5. The treasurer of state shall cooperate with the department of
corrections in the implementation of this section.
6. In order to assure maintenance of bond reserve funds, an
issuer shall, on or before January 1 of each calendar year, make and
deliver to the governor the issuer's certificate stating the sum, if
any, required to restore each bond reserve fund to the bond reserve
fund requirement for that fund. Within thirty days after the
beginning of the session of the general assembly next following the
delivery of the certificate, the governor shall submit to both houses
printed copies of a budget including the sum, if any, required to
restore each bond reserve fund to the bond reserve fund requirement
for that fund. Any sums appropriated by the general assembly and
paid to the issuer pursuant to this subsection shall be deposited by
the issuer in the applicable bond reserve fund. Section History: Recent Form
2008 Acts, ch 1179, §42
Referred to in § 12.79, 602.8108A
