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74a-1
74A.1 APPLICABILITY.
1. Except as otherwise provided by law, this chapter establishes
the interest rates which are applicable to all bonds, warrants,
anticipatory warrants, pledge orders, improvement certificates, and
anticipation certificates issued by a governmental body or agency
under the laws of this state, and the interest rates which are
applicable to assessments levied by a governmental body or agency
under the laws of this state against benefited properties for the
retirement of public debt.
2. This chapter does not authorize the issuance of a public
obligation or the levying of an assessment, and does not create an
obligation to pay interest, and does not determine when interest
commences or ceases to accrue.
3. This chapter does not impose an interest rate or interest rate
limitation where by law the rate of interest payable on an obligation
is within the discretion of the governmental body or agency, unless
that discretion is expressly made subject to the limitations
contained in this chapter. Section History: Early Form
[C81, § 74A.1]
