12.89 REVENUE BONDS DEBT SERVICE FUND AND BOND
RESERVE FUNDS.
1. A revenue bonds debt service fund is created and established
as a separate and distinct fund in the state treasury. The treasurer
of state shall act as custodian of the fund and disburse moneys
contained in the fund. The moneys in such fund are appropriated and
shall be used for the purpose of making all payments with respect to
bonds issued and sold pursuant to section 12.87, including but not
limited to the following:
a. Principal payments, interest payments, sinking fund
payments, purchase price, redemption price, redemption premiums, and
interest rate exchange payments.
b. Fees and expenses of trustees, paying agents, remarketing
agents, financial advisors, underwriters, depositories, guarantors,
bond insurers, liquidity or credit facility providers, interest rate
indexing agents, and other professional services providers.
c. Costs and expenses of the treasurer of state incident to
and necessary and convenient to carry out the issuance and sale of
the bonds and the administration of the revenue bonds.
2. Moneys in the revenue bonds debt service fund shall include
but are not limited to the following, which shall be deposited with
the treasurer of state or the treasurer of state's designee as
provided in any bond or security documents and credited to the fund:
a. The proceeds of bonds to the extent provided in the trust
indenture, resolution, or other instrument authorizing their issuance
and investment earnings on the proceeds.
b. The revenues required to be deposited into the fund
pursuant to section 8.57, subsection 6, paragraph "e",
subparagraphs (1) and (2).
c. Transfers from any bond reserve fund created pursuant to
this section.
d. Interest attributable to investment of moneys in the fund
or an account of the fund.
e. Any other moneys from any other sources which may be
legally available to the treasurer of state for the purpose of the
fund.
3. a. The treasurer of state may create and establish one or
more special funds, to be known as bond reserve funds, to secure one
or more issues of bonds issued and sold pursuant to section 12.87.
The treasurer of state shall pay into each bond reserve fund any
moneys appropriated and made available for the purpose of the fund,
any proceeds of sale of bonds to the extent provided in the trust
indenture, resolution, or other instrument authorizing their
issuance, and any other moneys which may be legally available to the
treasurer of state for the purpose of the fund from any other
sources. All moneys held in a bond reserve fund shall be used or
transferred to the revenue bonds debt service fund to be used as
required solely to make the payments authorized to be made from such
fund pursuant to subsection 1.
b. Moneys in a bond reserve fund shall not be transferred or
withdrawn from the fund at any time in an amount that will reduce the
amount of the fund to less than the bond reserve fund requirement
established for the fund, as provided in this subsection, except for
the purpose of making, with respect to bonds secured in whole or in
part by the fund, the payments authorized to be made from such fund
pursuant to subsection 1 for the payment of which sufficient moneys
in the revenue bonds debt service fund are not available. Any income
or interest earned by, or incremental to, a bond reserve fund due to
the investment of moneys in the bond reserve fund may be transferred
by the treasurer of state to other funds or accounts to the extent
the transfer does not reduce the amount of that bond reserve fund
below the established bond reserve fund requirement.
c. The treasurer of state shall not at any time issue and
sell bonds, secured in whole or in part by a bond reserve fund if,
upon the issuance of the bonds, the amount in the bond reserve fund
will be less than the bond reserve fund requirement for the fund,
unless the treasurer of state at the time of issuance of the bonds
deposits in the fund from the proceeds of the bonds issued or from
other legally available sources an amount which, together with the
amount then in the fund, will not be less than the bond reserve fund
requirement for the fund. For the purposes of this subsection, the
term "bond reserve fund requirement" means, as of any particular
date of computation, an amount of moneys, as provided in the trust
indenture, resolution, or other instrument authorizing the bonds with
respect to which the fund is established.
d. To assure the continued solvency of any bonds secured by a
bond reserve fund, provision is made in paragraph "c" for the
accumulation in each bond reserve fund of an amount equal to the bond
reserve fund requirement for the fund. In order further to assure
maintenance of the bond reserve funds, the treasurer of state shall,
on or before January 1 of each calendar year, make and deliver to the
governor and to both houses of the general assembly the treasurer of
state's certificate stating the sum, if any, required to restore each
bond reserve fund to the bond reserve fund requirement for that fund
and requesting that the budget and appropriation bills approved for
such fiscal year include amounts sufficient to restore each bond
reserve fund to the bond reserve fund requirement for such fund.
Within thirty days after the beginning of the session of the general
assembly next following the delivery of the certificate, the governor
may 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 treasurer of state pursuant to this
subsection shall be deposited by the treasurer of state in the
applicable bond reserve fund.
4. Except as otherwise provided in this section, the moneys on
deposit in the revenue bonds debt service fund or any bond reserve
fund relating to bonds issued pursuant to section 12.87 shall be held
for the sole benefit of the bonds and shall not be pledged or used
for the benefit of any bonds issued by the treasurer of state
pursuant to any other section of the Code.
5. Moneys in the revenue bonds debt service fund and any bond
reserve fund created pursuant to this section are not subject to
section 8.33; provided however, that on August 31 following the close
of each fiscal year, any moneys on deposit in the revenue bonds debt
service fund at the end of such fiscal year, which is determined by
the treasurer of state to not be encumbered or obligated or otherwise
necessary to make the payments for such fiscal year authorized to be
made from such fund pursuant to subsection 1, shall be credited to
the rebuild Iowa infrastructure fund. Notwithstanding section 12C.7,
subsection 2, interest or earnings on moneys in the revenue bonds
debt service fund and any bond reserve fund shall be credited to such
funds.
Section History: Recent Form
2009 Acts, ch 173, §3, 36
Referred to in § 8.57, 12.87, 12.90
12.89 REVENUE BONDS DEBT SERVICE FUND AND BOND
RESERVE FUNDS.
1. A revenue bonds debt service fund is created and established
as a separate and distinct fund in the state treasury. The treasurer
of state shall act as custodian of the fund and disburse moneys
contained in the fund. The moneys in such fund are appropriated and
shall be used for the purpose of making all payments with respect to
bonds issued and sold pursuant to section 12.87, including but not
limited to the following:
a. Principal payments, interest payments, sinking fund
payments, purchase price, redemption price, redemption premiums, and
interest rate exchange payments.
b. Fees and expenses of trustees, paying agents, remarketing
agents, financial advisors, underwriters, depositories, guarantors,
bond insurers, liquidity or credit facility providers, interest rate
indexing agents, and other professional services providers.
c. Costs and expenses of the treasurer of state incident to
and necessary and convenient to carry out the issuance and sale of
the bonds and the administration of the revenue bonds.
2. Moneys in the revenue bonds debt service fund shall include
but are not limited to the following, which shall be deposited with
the treasurer of state or the treasurer of state's designee as
provided in any bond or security documents and credited to the fund:
a. The proceeds of bonds to the extent provided in the trust
indenture, resolution, or other instrument authorizing their issuance
and investment earnings on the proceeds.
b. The revenues required to be deposited into the fund
pursuant to section 8.57, subsection 6, paragraph "e",
subparagraphs (1) and (2).
c. Transfers from any bond reserve fund created pursuant to
this section.
d. Interest attributable to investment of moneys in the fund
or an account of the fund.
e. Any other moneys from any other sources which may be
legally available to the treasurer of state for the purpose of the
fund.
3. a. The treasurer of state may create and establish one or
more special funds, to be known as bond reserve funds, to secure one
or more issues of bonds issued and sold pursuant to section 12.87.
The treasurer of state shall pay into each bond reserve fund any
moneys appropriated and made available for the purpose of the fund,
any proceeds of sale of bonds to the extent provided in the trust
indenture, resolution, or other instrument authorizing their
issuance, and any other moneys which may be legally available to the
treasurer of state for the purpose of the fund from any other
sources. All moneys held in a bond reserve fund shall be used or
transferred to the revenue bonds debt service fund to be used as
required solely to make the payments authorized to be made from such
fund pursuant to subsection 1.
b. Moneys in a bond reserve fund shall not be transferred or
withdrawn from the fund at any time in an amount that will reduce the
amount of the fund to less than the bond reserve fund requirement
established for the fund, as provided in this subsection, except for
the purpose of making, with respect to bonds secured in whole or in
part by the fund, the payments authorized to be made from such fund
pursuant to subsection 1 for the payment of which sufficient moneys
in the revenue bonds debt service fund are not available. Any income
or interest earned by, or incremental to, a bond reserve fund due to
the investment of moneys in the bond reserve fund may be transferred
by the treasurer of state to other funds or accounts to the extent
the transfer does not reduce the amount of that bond reserve fund
below the established bond reserve fund requirement.
c. The treasurer of state shall not at any time issue and
sell bonds, secured in whole or in part by a bond reserve fund if,
upon the issuance of the bonds, the amount in the bond reserve fund
will be less than the bond reserve fund requirement for the fund,
unless the treasurer of state at the time of issuance of the bonds
deposits in the fund from the proceeds of the bonds issued or from
other legally available sources an amount which, together with the
amount then in the fund, will not be less than the bond reserve fund
requirement for the fund. For the purposes of this subsection, the
term "bond reserve fund requirement" means, as of any particular
date of computation, an amount of moneys, as provided in the trust
indenture, resolution, or other instrument authorizing the bonds with
respect to which the fund is established.
d. To assure the continued solvency of any bonds secured by a
bond reserve fund, provision is made in paragraph "c" for the
accumulation in each bond reserve fund of an amount equal to the bond
reserve fund requirement for the fund. In order further to assure
maintenance of the bond reserve funds, the treasurer of state shall,
on or before January 1 of each calendar year, make and deliver to the
governor and to both houses of the general assembly the treasurer of
state's certificate stating the sum, if any, required to restore each
bond reserve fund to the bond reserve fund requirement for that fund
and requesting that the budget and appropriation bills approved for
such fiscal year include amounts sufficient to restore each bond
reserve fund to the bond reserve fund requirement for such fund.
Within thirty days after the beginning of the session of the general
assembly next following the delivery of the certificate, the governor
may 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 treasurer of state pursuant to this
subsection shall be deposited by the treasurer of state in the
applicable bond reserve fund.
4. Except as otherwise provided in this section, the moneys on
deposit in the revenue bonds debt service fund or any bond reserve
fund relating to bonds issued pursuant to section 12.87 shall be held
for the sole benefit of the bonds and shall not be pledged or used
for the benefit of any bonds issued by the treasurer of state
pursuant to any other section of the Code.
5. Moneys in the revenue bonds debt service fund and any bond
reserve fund created pursuant to this section are not subject to
section 8.33; provided however, that on August 31 following the close
of each fiscal year, any moneys on deposit in the revenue bonds debt
service fund at the end of such fiscal year, which is determined by
the treasurer of state to not be encumbered or obligated or otherwise
necessary to make the payments for such fiscal year authorized to be
made from such fund pursuant to subsection 1, shall be credited to
the rebuild Iowa infrastructure fund. Notwithstanding section 12C.7,
subsection 2, interest or earnings on moneys in the revenue bonds
debt service fund and any bond reserve fund shall be credited to such
funds.
Section History: Recent Form
2009 Acts, ch 173, §3, 36
Referred to in § 8.57, 12.87, 12.90
12.89 REVENUE BONDS DEBT SERVICE FUND AND BOND
RESERVE FUNDS.
1. A revenue bonds debt service fund is created and established
as a separate and distinct fund in the state treasury. The treasurer
of state shall act as custodian of the fund and disburse moneys
contained in the fund. The moneys in such fund are appropriated and
shall be used for the purpose of making all payments with respect to
bonds issued and sold pursuant to section 12.87, including but not
limited to the following:
a. Principal payments, interest payments, sinking fund
payments, purchase price, redemption price, redemption premiums, and
interest rate exchange payments.
b. Fees and expenses of trustees, paying agents, remarketing
agents, financial advisors, underwriters, depositories, guarantors,
bond insurers, liquidity or credit facility providers, interest rate
indexing agents, and other professional services providers.
c. Costs and expenses of the treasurer of state incident to
and necessary and convenient to carry out the issuance and sale of
the bonds and the administration of the revenue bonds.
2. Moneys in the revenue bonds debt service fund shall include
but are not limited to the following, which shall be deposited with
the treasurer of state or the treasurer of state's designee as
provided in any bond or security documents and credited to the fund:
a. The proceeds of bonds to the extent provided in the trust
indenture, resolution, or other instrument authorizing their issuance
and investment earnings on the proceeds.
b. The revenues required to be deposited into the fund
pursuant to section 8.57, subsection 6, paragraph "e",
subparagraphs (1) and (2).
c. Transfers from any bond reserve fund created pursuant to
this section.
d. Interest attributable to investment of moneys in the fund
or an account of the fund.
e. Any other moneys from any other sources which may be
legally available to the treasurer of state for the purpose of the
fund.
3. a. The treasurer of state may create and establish one or
more special funds, to be known as bond reserve funds, to secure one
or more issues of bonds issued and sold pursuant to section 12.87.
The treasurer of state shall pay into each bond reserve fund any
moneys appropriated and made available for the purpose of the fund,
any proceeds of sale of bonds to the extent provided in the trust
indenture, resolution, or other instrument authorizing their
issuance, and any other moneys which may be legally available to the
treasurer of state for the purpose of the fund from any other
sources. All moneys held in a bond reserve fund shall be used or
transferred to the revenue bonds debt service fund to be used as
required solely to make the payments authorized to be made from such
fund pursuant to subsection 1.
b. Moneys in a bond reserve fund shall not be transferred or
withdrawn from the fund at any time in an amount that will reduce the
amount of the fund to less than the bond reserve fund requirement
established for the fund, as provided in this subsection, except for
the purpose of making, with respect to bonds secured in whole or in
part by the fund, the payments authorized to be made from such fund
pursuant to subsection 1 for the payment of which sufficient moneys
in the revenue bonds debt service fund are not available. Any income
or interest earned by, or incremental to, a bond reserve fund due to
the investment of moneys in the bond reserve fund may be transferred
by the treasurer of state to other funds or accounts to the extent
the transfer does not reduce the amount of that bond reserve fund
below the established bond reserve fund requirement.
c. The treasurer of state shall not at any time issue and
sell bonds, secured in whole or in part by a bond reserve fund if,
upon the issuance of the bonds, the amount in the bond reserve fund
will be less than the bond reserve fund requirement for the fund,
unless the treasurer of state at the time of issuance of the bonds
deposits in the fund from the proceeds of the bonds issued or from
other legally available sources an amount which, together with the
amount then in the fund, will not be less than the bond reserve fund
requirement for the fund. For the purposes of this subsection, the
term "bond reserve fund requirement" means, as of any particular
date of computation, an amount of moneys, as provided in the trust
indenture, resolution, or other instrument authorizing the bonds with
respect to which the fund is established.
d. To assure the continued solvency of any bonds secured by a
bond reserve fund, provision is made in paragraph "c" for the
accumulation in each bond reserve fund of an amount equal to the bond
reserve fund requirement for the fund. In order further to assure
maintenance of the bond reserve funds, the treasurer of state shall,
on or before January 1 of each calendar year, make and deliver to the
governor and to both houses of the general assembly the treasurer of
state's certificate stating the sum, if any, required to restore each
bond reserve fund to the bond reserve fund requirement for that fund
and requesting that the budget and appropriation bills approved for
such fiscal year include amounts sufficient to restore each bond
reserve fund to the bond reserve fund requirement for such fund.
Within thirty days after the beginning of the session of the general
assembly next following the delivery of the certificate, the governor
may 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 treasurer of state pursuant to this
subsection shall be deposited by the treasurer of state in the
applicable bond reserve fund.
4. Except as otherwise provided in this section, the moneys on
deposit in the revenue bonds debt service fund or any bond reserve
fund relating to bonds issued pursuant to section 12.87 shall be held
for the sole benefit of the bonds and shall not be pledged or used
for the benefit of any bonds issued by the treasurer of state
pursuant to any other section of the Code.
5. Moneys in the revenue bonds debt service fund and any bond
reserve fund created pursuant to this section are not subject to
section 8.33; provided however, that on August 31 following the close
of each fiscal year, any moneys on deposit in the revenue bonds debt
service fund at the end of such fiscal year, which is determined by
the treasurer of state to not be encumbered or obligated or otherwise
necessary to make the payments for such fiscal year authorized to be
made from such fund pursuant to subsection 1, shall be credited to
the rebuild Iowa infrastructure fund. Notwithstanding section 12C.7,
subsection 2, interest or earnings on moneys in the revenue bonds
debt service fund and any bond reserve fund shall be credited to such
funds.
Section History: Recent Form
2009 Acts, ch 173, §3, 36
Referred to in § 8.57, 12.87, 12.90
