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Senate File 2421

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 28F.1, unnumbered paragraph 1, Code
  1  2 1995, is amended by striking the unnumbered paragraph and
  1  3 inserting in lieu thereof the following:
  1  4    This chapter provides a means to reduce the cost of local
  1  5 government by assisting public agencies in the undertaking of
  1  6 joint financing and is intended to provide specific state
  1  7 legislation consistent with criteria established by
  1  8 regulations and rulings of the commissioner of internal
  1  9 revenue, United States department of treasury, in order for a
  1 10 separate joint financing entity to be treated as a constituted
  1 11 authority empowered to issue obligations on behalf of
  1 12 political subdivisions of this state.  This chapter provides a
  1 13 means for the joint financing by public agencies of works or
  1 14 facilities which are part of any city enterprise as defined in
  1 15 section 384.24, county enterprise as defined in section
  1 16 331.461, city utility as defined in section 362.2, joint water
  1 17 utility as defined in section 389.1, or sanitary district as
  1 18 defined in chapter 358.  This chapter applies to the
  1 19 acquisition, construction, reconstruction, ownership,
  1 20 operation, repair, extension, or improvement of the works or
  1 21 facilities, by a separate administrative or legal entity
  1 22 created pursuant to chapter 28E or chapter 389.  When the
  1 23 legal entity created under this chapter is comprised solely of
  1 24 cities, counties, or sanitary districts established under
  1 25 chapter 358 or any combination of these political
  1 26 subdivisions, or any combination of the public agencies
  1 27 previously specified in this section with other public
  1 28 agencies, the entity shall be both a corporation and a
  1 29 political subdivision with the name under which it was
  1 30 organized.  The legal entity may sue and be sued, contract,
  1 31 acquire and hold real and personal property necessary for
  1 32 corporate purposes, adopt a corporate seal and alter the seal
  1 33 at pleasure, and execute all powers conferred by this chapter.
  1 34    Sec. 2.  Section 28F.2, Code 1995, is amended to read as
  1 35 follows:
  2  1    28F.2  DEFINITIONS.
  2  2    The terms "public agency", "state", and "private agency"
  2  3 shall have the meanings prescribed by section 28E.2.  The term
  2  4 "project" or "projects" shall mean any works or facilities
  2  5 referred to in section 28F.1 and shall include all property
  2  6 real and personal, pertinent thereto or connected with such
  2  7 project or projects, and the existing works or facilities, if
  2  8 any, to which such project or projects are an extension,
  2  9 addition, betterment, or improvement.  "Electric power agency"
  2 10 means an entity financing or acquiring electric power
  2 11 facilities pursuant to this chapter or chapter 28E.
  2 12    Sec. 3.  Section 28F.7, unnumbered paragraph 2, Code 1995,
  2 13 is amended by striking the paragraph.  
  2 14                           EXPLANATION
  2 15    This bill provides that specified public agencies and
  2 16 political subdivisions of this state which separately have the
  2 17 authority to undertake certain public works, as specified in
  2 18 the bill, may join other public agencies or political
  2 19 subdivisions to carry out those projects jointly and fund the
  2 20 projects or facilities through a separate joint financing
  2 21 entity acting on behalf of the political subdivisions.  The
  2 22 separate funding entities created under this chapter are to
  2 23 meet the regulations and rulings of the commissioner of
  2 24 internal revenue.
  2 25    The bill also strikes a definition of electric power agency
  2 26 which is no longer needed and a requirement that a power
  2 27 facility operating under chapter 28F meet standards of the
  2 28 national electric safety code of 1968, as amended.  
  2 29 LSB 3662SV 76
  2 30 tj/jj/8
     
Text: SF02420                           Text: SF02422
Text: SF02400 - SF02499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index
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