12.87 GENERAL AND SPECIFIC BONDING POWERS -- REVENUE
BONDS -- IOWA JOBS PROGRAM.
1. The treasurer of state is authorized to issue and sell bonds
on behalf of the state to provide funds for certain infrastructure
projects and for purposes of the Iowa jobs program established in
section 16.194. The treasurer of state shall have all of the powers
which are necessary or convenient to issue, sell and secure bonds and
carry out the treasurer of state's duties, and exercise the treasurer
of state's authority under this section and sections 12.88 through
12.90. The treasurer of state may issue and sell bonds in such
amounts as the treasurer of state determines to be necessary to
provide sufficient funds for certain infrastructure projects and the
revenue bonds capitals fund, the payment of interest on the bonds,
the establishment of reserves to secure the bonds, the payment of
costs of issuance of the bonds, the payment of other expenditures of
the treasurer of state incident to and necessary or convenient to
carry out the issuance and sale of the bonds, and the payment of all
other expenditures of the treasurer of state necessary or convenient
to administer the funds and to carry out the purposes for which the
bonds are issued and sold. The treasurer of state may issue and sell
bonds in one or more series on the terms and conditions the treasurer
of state determines to be in the best interest of the state, in
accordance with this section in such amounts as the treasurer of
state determines to be necessary to fund the purposes for which such
bonds are issued and sold. The treasurer of state may issue and sell
bonds in amounts which provide aggregate net proceeds of not more
than five hundred forty-five million dollars, excluding any bonds
issued and sold to refund outstanding bonds issued under this
section, as follows:
a. The treasurer of state may issue and sell bonds in amounts
which provide aggregate net proceeds of not more than one hundred
eighty-five million dollars for capital projects which qualify as
vertical infrastructure projects as defined in section 8.57,
subsection 6, paragraph "c", to the extent practicable in any
fiscal year and without limiting other qualifying capital
expenditures.
b. The treasurer of state may issue and sell bonds in amounts
which provide aggregate net proceeds of not more than three hundred
sixty million dollars for purposes of the Iowa jobs program
established in section 16.194 and for watershed flood rebuilding and
prevention projects, soil conservation projects, sewer infrastructure
projects, for certain housing and public service shelter projects and
public broadband and alternative energy projects, and for projects
relating to bridge safety and the rehabilitation of deficient
bridges.
2. Bonds issued and sold under this section are payable solely
and only out of the moneys in the revenue bonds debt service fund and
any bond reserve funds established pursuant to section 12.89, and
only to the extent provided in the trust indenture, resolution, or
other instrument authorizing their issuance. All moneys in the
revenue bonds debt service fund and any bond reserve funds
established pursuant to section 12.89 may be deposited with trustees
or depositories in accordance with the terms of the trust indentures,
resolutions, or other instruments authorizing the issuance of bonds
and pledged by the treasurer of state to the payment thereof. Bonds
issued and sold under this section shall contain a statement that the
bonds are limited special obligations of the state and do not
constitute a debt or indebtedness of the state or a pledge of the
faith or credit of the state or a charge against the general credit
or general fund of the state. The treasurer of state shall not
pledge the credit or taxing power of this state or any political
subdivision of this state or make bonds issued and sold pursuant to
this section payable out of any moneys except those in the revenue
bonds debt service fund and any bond reserve funds established
pursuant to section 12.89.
3. The proceeds of bonds issued and sold by the treasurer of
state and not required for immediate disbursement may be deposited
with a trustee or depository as provided in the bond documents and
invested or reinvested in any investment as directed by the treasurer
of state and specified in the trust indenture, resolution, or other
instrument pursuant to which the bonds are issued and sold without
regard to any limitation otherwise provided by law.
4. The bonds, if issued and sold, shall be:
a. In a form, issued in denominations, executed in a manner,
and payable over terms and with rights of redemption, and be subject
to such other terms and conditions as prescribed in the trust
indenture, resolution, or other instrument authorizing their
issuance.
b. Negotiable instruments and investment securities under the
laws of the state and sold at prices, at public or private sale, and
in a manner, as prescribed by the treasurer of state. Chapters 73A,
74, 74A, and 75 do not apply to the sale or issuance of the bonds.
c. Subject to the terms, conditions, and covenants providing
for the payment of the principal, redemption premiums, if any,
interest, and other terms, conditions, covenants, and protective
provisions safeguarding payment, not inconsistent with this section
and as determined by the trust indenture, resolution, or other
instrument authorizing their issuance.
5. The bonds are securities in which public officers and bodies
of this state; political subdivisions of this state; insurance
companies and associations and other persons carrying on an insurance
business; banks, trust companies, savings associations, savings and
loan associations, and investment companies; administrators,
guardians, executors, trustees, and other fiduciaries; and other
persons authorized to invest in bonds or other obligations of the
state, may properly and legally invest funds, including capital, in
their control or belonging to them.
6. Bonds must be authorized by a trust indenture, resolution, or
other instrument of the treasurer of state.
7. The resolution, trust indenture, or any other instrument by
which a pledge is created shall not be required to be recorded or
filed under the Iowa uniform commercial code, chapter 554, to be
valid, binding, or effective.
8. Any bonds issued and sold under the provisions of this section
are declared to be issued and sold for an essential public and
governmental purpose, and all bonds issued and sold under this
section except as otherwise provided in any trust indentures,
resolutions, or other instruments authorizing their issuance 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.
9. The treasurer of state may issue and sell bonds for the
purpose of refunding any bonds issued and sold pursuant to this
section then outstanding, including the payment of any redemption
premiums thereon and any interest accrued or to accrue to the date of
redemption of the outstanding bonds. Until the proceeds of bonds
issued for the purpose of refunding outstanding bonds are applied to
the purchase or retirement of outstanding bonds or the redemption of
outstanding bonds, the proceeds may be placed in escrow and be
invested and reinvested in accordance with the provisions of this
section. The interest, income, and profits earned or realized on an
investment may also be applied to the payment of the outstanding
bonds to be refunded by purchase, retirement, or redemption. After
the terms of the escrow have been fully satisfied and carried out,
any balance of proceeds and interest earned or realized on the
investments shall be returned to the treasurer of state for deposit
in the revenue bonds debt service fund established in section 12.89.
All refunding bonds shall be issued, sold and secured and subject to
the provisions of this section in the same manner and to the same
extent as other bonds issued and sold pursuant to this section.
10. Bonds issued and sold pursuant to this section are limited
special obligations of the state and are not a debt or indebtedness
of the state, nor of any political subdivision of the state, and do
not constitute a pledge of the faith and credit of the state or a
charge against the general credit or general fund of the state. The
issuance and sale of any bonds pursuant to this section by the
treasurer of state do not directly, indirectly, or contingently
obligate the state or a political subdivision of the state to apply
moneys from or to levy or pledge any form of taxation whatever to, or
to continue the appropriation of the funds for, the payment of the
bonds. Bonds issued and sold under this section are payable solely
and only from moneys in the revenue bonds debt service fund and any
reserve fund created in section 12.89 and only to the extent provided
in the trust indenture, resolution, or other instrument authorizing
their issuance.
11. The treasurer of state may enter into or obtain authorizing
documents and other agreements and ancillary arrangements with
respect to the bonds as the treasurer of state determines to be in
the best interests of the state, including but not limited to trust
indentures, resolutions, other instruments authorizing the issuance
of the bonds, liquidity facilities, remarketing or dealer agreements,
letter of credit agreements, insurance policies, guaranty agreements,
reimbursement agreements, indexing agreements, or interest rate
exchange agreements.
12. Neither the treasurer of state, the Iowa jobs board, nor any
person acting on behalf of the treasurer of state or the Iowa jobs
board while acting within the scope of their employment or agency, is
subject to personal liability resulting from carrying out the powers
and duties conferred by this section and sections 12.88 through
12.90.
13. As used in this section and sections 12.88 through 12.90, the
term "bonds" means bonds, notes, or other evidence of
obligations.
Section History: Recent Form
2009 Acts, ch 173, §1, 36
Referred to in § 8.57, 12.88, 12.89, 12.90, 16.185, 16.186,
16.187, 313.68
12.87 GENERAL AND SPECIFIC BONDING POWERS -- REVENUE
BONDS -- IOWA JOBS PROGRAM.
1. The treasurer of state is authorized to issue and sell bonds
on behalf of the state to provide funds for certain infrastructure
projects and for purposes of the Iowa jobs program established in
section 16.194. The treasurer of state shall have all of the powers
which are necessary or convenient to issue, sell and secure bonds and
carry out the treasurer of state's duties, and exercise the treasurer
of state's authority under this section and sections 12.88 through
12.90. The treasurer of state may issue and sell bonds in such
amounts as the treasurer of state determines to be necessary to
provide sufficient funds for certain infrastructure projects and the
revenue bonds capitals fund, the payment of interest on the bonds,
the establishment of reserves to secure the bonds, the payment of
costs of issuance of the bonds, the payment of other expenditures of
the treasurer of state incident to and necessary or convenient to
carry out the issuance and sale of the bonds, and the payment of all
other expenditures of the treasurer of state necessary or convenient
to administer the funds and to carry out the purposes for which the
bonds are issued and sold. The treasurer of state may issue and sell
bonds in one or more series on the terms and conditions the treasurer
of state determines to be in the best interest of the state, in
accordance with this section in such amounts as the treasurer of
state determines to be necessary to fund the purposes for which such
bonds are issued and sold. The treasurer of state may issue and sell
bonds in amounts which provide aggregate net proceeds of not more
than five hundred forty-five million dollars, excluding any bonds
issued and sold to refund outstanding bonds issued under this
section, as follows:
a. The treasurer of state may issue and sell bonds in amounts
which provide aggregate net proceeds of not more than one hundred
eighty-five million dollars for capital projects which qualify as
vertical infrastructure projects as defined in section 8.57,
subsection 6, paragraph "c", to the extent practicable in any
fiscal year and without limiting other qualifying capital
expenditures.
b. The treasurer of state may issue and sell bonds in amounts
which provide aggregate net proceeds of not more than three hundred
sixty million dollars for purposes of the Iowa jobs program
established in section 16.194 and for watershed flood rebuilding and
prevention projects, soil conservation projects, sewer infrastructure
projects, for certain housing and public service shelter projects and
public broadband and alternative energy projects, and for projects
relating to bridge safety and the rehabilitation of deficient
bridges.
2. Bonds issued and sold under this section are payable solely
and only out of the moneys in the revenue bonds debt service fund and
any bond reserve funds established pursuant to section 12.89, and
only to the extent provided in the trust indenture, resolution, or
other instrument authorizing their issuance. All moneys in the
revenue bonds debt service fund and any bond reserve funds
established pursuant to section 12.89 may be deposited with trustees
or depositories in accordance with the terms of the trust indentures,
resolutions, or other instruments authorizing the issuance of bonds
and pledged by the treasurer of state to the payment thereof. Bonds
issued and sold under this section shall contain a statement that the
bonds are limited special obligations of the state and do not
constitute a debt or indebtedness of the state or a pledge of the
faith or credit of the state or a charge against the general credit
or general fund of the state. The treasurer of state shall not
pledge the credit or taxing power of this state or any political
subdivision of this state or make bonds issued and sold pursuant to
this section payable out of any moneys except those in the revenue
bonds debt service fund and any bond reserve funds established
pursuant to section 12.89.
3. The proceeds of bonds issued and sold by the treasurer of
state and not required for immediate disbursement may be deposited
with a trustee or depository as provided in the bond documents and
invested or reinvested in any investment as directed by the treasurer
of state and specified in the trust indenture, resolution, or other
instrument pursuant to which the bonds are issued and sold without
regard to any limitation otherwise provided by law.
4. The bonds, if issued and sold, shall be:
a. In a form, issued in denominations, executed in a manner,
and payable over terms and with rights of redemption, and be subject
to such other terms and conditions as prescribed in the trust
indenture, resolution, or other instrument authorizing their
issuance.
b. Negotiable instruments and investment securities under the
laws of the state and sold at prices, at public or private sale, and
in a manner, as prescribed by the treasurer of state. Chapters 73A,
74, 74A, and 75 do not apply to the sale or issuance of the bonds.
c. Subject to the terms, conditions, and covenants providing
for the payment of the principal, redemption premiums, if any,
interest, and other terms, conditions, covenants, and protective
provisions safeguarding payment, not inconsistent with this section
and as determined by the trust indenture, resolution, or other
instrument authorizing their issuance.
5. The bonds are securities in which public officers and bodies
of this state; political subdivisions of this state; insurance
companies and associations and other persons carrying on an insurance
business; banks, trust companies, savings associations, savings and
loan associations, and investment companies; administrators,
guardians, executors, trustees, and other fiduciaries; and other
persons authorized to invest in bonds or other obligations of the
state, may properly and legally invest funds, including capital, in
their control or belonging to them.
6. Bonds must be authorized by a trust indenture, resolution, or
other instrument of the treasurer of state.
7. The resolution, trust indenture, or any other instrument by
which a pledge is created shall not be required to be recorded or
filed under the Iowa uniform commercial code, chapter 554, to be
valid, binding, or effective.
8. Any bonds issued and sold under the provisions of this section
are declared to be issued and sold for an essential public and
governmental purpose, and all bonds issued and sold under this
section except as otherwise provided in any trust indentures,
resolutions, or other instruments authorizing their issuance 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.
9. The treasurer of state may issue and sell bonds for the
purpose of refunding any bonds issued and sold pursuant to this
section then outstanding, including the payment of any redemption
premiums thereon and any interest accrued or to accrue to the date of
redemption of the outstanding bonds. Until the proceeds of bonds
issued for the purpose of refunding outstanding bonds are applied to
the purchase or retirement of outstanding bonds or the redemption of
outstanding bonds, the proceeds may be placed in escrow and be
invested and reinvested in accordance with the provisions of this
section. The interest, income, and profits earned or realized on an
investment may also be applied to the payment of the outstanding
bonds to be refunded by purchase, retirement, or redemption. After
the terms of the escrow have been fully satisfied and carried out,
any balance of proceeds and interest earned or realized on the
investments shall be returned to the treasurer of state for deposit
in the revenue bonds debt service fund established in section 12.89.
All refunding bonds shall be issued, sold and secured and subject to
the provisions of this section in the same manner and to the same
extent as other bonds issued and sold pursuant to this section.
10. Bonds issued and sold pursuant to this section are limited
special obligations of the state and are not a debt or indebtedness
of the state, nor of any political subdivision of the state, and do
not constitute a pledge of the faith and credit of the state or a
charge against the general credit or general fund of the state. The
issuance and sale of any bonds pursuant to this section by the
treasurer of state do not directly, indirectly, or contingently
obligate the state or a political subdivision of the state to apply
moneys from or to levy or pledge any form of taxation whatever to, or
to continue the appropriation of the funds for, the payment of the
bonds. Bonds issued and sold under this section are payable solely
and only from moneys in the revenue bonds debt service fund and any
reserve fund created in section 12.89 and only to the extent provided
in the trust indenture, resolution, or other instrument authorizing
their issuance.
11. The treasurer of state may enter into or obtain authorizing
documents and other agreements and ancillary arrangements with
respect to the bonds as the treasurer of state determines to be in
the best interests of the state, including but not limited to trust
indentures, resolutions, other instruments authorizing the issuance
of the bonds, liquidity facilities, remarketing or dealer agreements,
letter of credit agreements, insurance policies, guaranty agreements,
reimbursement agreements, indexing agreements, or interest rate
exchange agreements.
12. Neither the treasurer of state, the Iowa jobs board, nor any
person acting on behalf of the treasurer of state or the Iowa jobs
board while acting within the scope of their employment or agency, is
subject to personal liability resulting from carrying out the powers
and duties conferred by this section and sections 12.88 through
12.90.
13. As used in this section and sections 12.88 through 12.90, the
term "bonds" means bonds, notes, or other evidence of
obligations.
Section History: Recent Form
2009 Acts, ch 173, §1, 36
Referred to in § 8.57, 12.88, 12.89, 12.90, 16.185, 16.186,
16.187, 313.68
12.87 GENERAL AND SPECIFIC BONDING POWERS -- REVENUE
BONDS -- IOWA JOBS PROGRAM.
1. The treasurer of state is authorized to issue and sell bonds
on behalf of the state to provide funds for certain infrastructure
projects and for purposes of the Iowa jobs program established in
section 16.194. The treasurer of state shall have all of the powers
which are necessary or convenient to issue, sell and secure bonds and
carry out the treasurer of state's duties, and exercise the treasurer
of state's authority under this section and sections 12.88 through
12.90. The treasurer of state may issue and sell bonds in such
amounts as the treasurer of state determines to be necessary to
provide sufficient funds for certain infrastructure projects and the
revenue bonds capitals fund, the payment of interest on the bonds,
the establishment of reserves to secure the bonds, the payment of
costs of issuance of the bonds, the payment of other expenditures of
the treasurer of state incident to and necessary or convenient to
carry out the issuance and sale of the bonds, and the payment of all
other expenditures of the treasurer of state necessary or convenient
to administer the funds and to carry out the purposes for which the
bonds are issued and sold. The treasurer of state may issue and sell
bonds in one or more series on the terms and conditions the treasurer
of state determines to be in the best interest of the state, in
accordance with this section in such amounts as the treasurer of
state determines to be necessary to fund the purposes for which such
bonds are issued and sold. The treasurer of state may issue and sell
bonds in amounts which provide aggregate net proceeds of not more
than five hundred forty-five million dollars, excluding any bonds
issued and sold to refund outstanding bonds issued under this
section, as follows:
a. The treasurer of state may issue and sell bonds in amounts
which provide aggregate net proceeds of not more than one hundred
eighty-five million dollars for capital projects which qualify as
vertical infrastructure projects as defined in section 8.57,
subsection 6, paragraph "c", to the extent practicable in any
fiscal year and without limiting other qualifying capital
expenditures.
b. The treasurer of state may issue and sell bonds in amounts
which provide aggregate net proceeds of not more than three hundred
sixty million dollars for purposes of the Iowa jobs program
established in section 16.194 and for watershed flood rebuilding and
prevention projects, soil conservation projects, sewer infrastructure
projects, for certain housing and public service shelter projects and
public broadband and alternative energy projects, and for projects
relating to bridge safety and the rehabilitation of deficient
bridges.
2. Bonds issued and sold under this section are payable solely
and only out of the moneys in the revenue bonds debt service fund and
any bond reserve funds established pursuant to section 12.89, and
only to the extent provided in the trust indenture, resolution, or
other instrument authorizing their issuance. All moneys in the
revenue bonds debt service fund and any bond reserve funds
established pursuant to section 12.89 may be deposited with trustees
or depositories in accordance with the terms of the trust indentures,
resolutions, or other instruments authorizing the issuance of bonds
and pledged by the treasurer of state to the payment thereof. Bonds
issued and sold under this section shall contain a statement that the
bonds are limited special obligations of the state and do not
constitute a debt or indebtedness of the state or a pledge of the
faith or credit of the state or a charge against the general credit
or general fund of the state. The treasurer of state shall not
pledge the credit or taxing power of this state or any political
subdivision of this state or make bonds issued and sold pursuant to
this section payable out of any moneys except those in the revenue
bonds debt service fund and any bond reserve funds established
pursuant to section 12.89.
3. The proceeds of bonds issued and sold by the treasurer of
state and not required for immediate disbursement may be deposited
with a trustee or depository as provided in the bond documents and
invested or reinvested in any investment as directed by the treasurer
of state and specified in the trust indenture, resolution, or other
instrument pursuant to which the bonds are issued and sold without
regard to any limitation otherwise provided by law.
4. The bonds, if issued and sold, shall be:
a. In a form, issued in denominations, executed in a manner,
and payable over terms and with rights of redemption, and be subject
to such other terms and conditions as prescribed in the trust
indenture, resolution, or other instrument authorizing their
issuance.
b. Negotiable instruments and investment securities under the
laws of the state and sold at prices, at public or private sale, and
in a manner, as prescribed by the treasurer of state. Chapters 73A,
74, 74A, and 75 do not apply to the sale or issuance of the bonds.
c. Subject to the terms, conditions, and covenants providing
for the payment of the principal, redemption premiums, if any,
interest, and other terms, conditions, covenants, and protective
provisions safeguarding payment, not inconsistent with this section
and as determined by the trust indenture, resolution, or other
instrument authorizing their issuance.
5. The bonds are securities in which public officers and bodies
of this state; political subdivisions of this state; insurance
companies and associations and other persons carrying on an insurance
business; banks, trust companies, savings associations, savings and
loan associations, and investment companies; administrators,
guardians, executors, trustees, and other fiduciaries; and other
persons authorized to invest in bonds or other obligations of the
state, may properly and legally invest funds, including capital, in
their control or belonging to them.
6. Bonds must be authorized by a trust indenture, resolution, or
other instrument of the treasurer of state.
7. The resolution, trust indenture, or any other instrument by
which a pledge is created shall not be required to be recorded or
filed under the Iowa uniform commercial code, chapter 554, to be
valid, binding, or effective.
8. Any bonds issued and sold under the provisions of this section
are declared to be issued and sold for an essential public and
governmental purpose, and all bonds issued and sold under this
section except as otherwise provided in any trust indentures,
resolutions, or other instruments authorizing their issuance 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.
9. The treasurer of state may issue and sell bonds for the
purpose of refunding any bonds issued and sold pursuant to this
section then outstanding, including the payment of any redemption
premiums thereon and any interest accrued or to accrue to the date of
redemption of the outstanding bonds. Until the proceeds of bonds
issued for the purpose of refunding outstanding bonds are applied to
the purchase or retirement of outstanding bonds or the redemption of
outstanding bonds, the proceeds may be placed in escrow and be
invested and reinvested in accordance with the provisions of this
section. The interest, income, and profits earned or realized on an
investment may also be applied to the payment of the outstanding
bonds to be refunded by purchase, retirement, or redemption. After
the terms of the escrow have been fully satisfied and carried out,
any balance of proceeds and interest earned or realized on the
investments shall be returned to the treasurer of state for deposit
in the revenue bonds debt service fund established in section 12.89.
All refunding bonds shall be issued, sold and secured and subject to
the provisions of this section in the same manner and to the same
extent as other bonds issued and sold pursuant to this section.
10. Bonds issued and sold pursuant to this section are limited
special obligations of the state and are not a debt or indebtedness
of the state, nor of any political subdivision of the state, and do
not constitute a pledge of the faith and credit of the state or a
charge against the general credit or general fund of the state. The
issuance and sale of any bonds pursuant to this section by the
treasurer of state do not directly, indirectly, or contingently
obligate the state or a political subdivision of the state to apply
moneys from or to levy or pledge any form of taxation whatever to, or
to continue the appropriation of the funds for, the payment of the
bonds. Bonds issued and sold under this section are payable solely
and only from moneys in the revenue bonds debt service fund and any
reserve fund created in section 12.89 and only to the extent provided
in the trust indenture, resolution, or other instrument authorizing
their issuance.
11. The treasurer of state may enter into or obtain authorizing
documents and other agreements and ancillary arrangements with
respect to the bonds as the treasurer of state determines to be in
the best interests of the state, including but not limited to trust
indentures, resolutions, other instruments authorizing the issuance
of the bonds, liquidity facilities, remarketing or dealer agreements,
letter of credit agreements, insurance policies, guaranty agreements,
reimbursement agreements, indexing agreements, or interest rate
exchange agreements.
12. Neither the treasurer of state, the Iowa jobs board, nor any
person acting on behalf of the treasurer of state or the Iowa jobs
board while acting within the scope of their employment or agency, is
subject to personal liability resulting from carrying out the powers
and duties conferred by this section and sections 12.88 through
12.90.
13. As used in this section and sections 12.88 through 12.90, the
term "bonds" means bonds, notes, or other evidence of
obligations.
Section History: Recent Form
2009 Acts, ch 173, §1, 36
Referred to in § 8.57, 12.88, 12.89, 12.90, 16.185, 16.186,
16.187, 313.68
