Text: HF00194 Text: HF00196 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 330A.8, subsection 8, Code 1997, is 1 2 amended to read as follows: 1 3 8. To borrow money, make and issue negotiable bonds, 1 4 certificates, refunding bonds, and other obligations(herein1 5called "bonds")and notes of an authority, in accordance with 1 6 section 330A.8A, and to securethetheir paymentof such bonds1 7or any part thereofby a pledge of any or all of an 1 8 authority's revenues, rates, fees, rentals, or other charges, 1 9 and any other funds which it has a right to, or may hereafter 1 10 have the right to pledgefor such purposes (hereafter1 11sometimes referred to as "revenues"),and to mortgage its 1 12 property as security for the payment ofsuchthe bonds; and in 1 13 general, to provide for the security ofsaidthe bonds and the 1 14 rights and remedies of theholders thereofbondholders. For 1 15 purposes of this section, "bonds" includes negotiable bonds, 1 16 certificates, refunding bonds, and other obligations and notes 1 17 of an authority.SuchThe bonds may be issued to finance 1 18 either one or more or a combination of aviation facilities and 1 19 the revenues of any one or more aviation facilities may, 1 20 subject to any prior rights of bondholders, be pledged for any 1 21 one or more or a combination of aviation facilities. Any 1 22 revenues from existing aviation facilitiestheretofore1 23 constructed or acquired pursuant to this chapter or existing 1 24 laws, or existing aviation facilities constructed or acquired 1 25 by an authority from any source may be pledged for any one or 1 26 more or a combination of aviation facilities financed under 1 27 this chapter, regardless of whether or notsuchthe existing 1 28 aviation facilities arethenbeing improved or financed by the 1 29 proceeds of the bonds to be issued to finance the one or more 1 30 or the combination of aviation facilities for whichsuch1 31 revenuesof suchfrom the existing aviation facilities are to 1 32 be pledged. 1 33 Sec. 2. NEW SECTION. 330A.8A BOND ELECTION. 1 34 1. Bonds authorized under section 330A.8, subsection 8, 1 35 shall not be issued by an authority under section 330A.9 2 1 unless approved by the voters at a special election. Each of 2 2 the member municipalities shall call a special election to 2 3 vote upon the question of issuing the bonds. At the election 2 4 the proposition must be submitted in the following form: 2 5 Shall the ........................ (insert the name of the 2 6 aviation authority) issue its bonds in an amount not exceeding 2 7 the amount of $........ for the purpose of 2 8 ....................? 2 9 2. Notice of the election must be given by publication as 2 10 required by section 49.53 in a newspaper of general 2 11 circulation in the member municipality. At the election the 2 12 ballot used for the submission of the proposition must be in 2 13 substantially the form for submitting special questions at 2 14 general elections. 2 15 3. The proposition is not carried or adopted unless the 2 16 vote in favor of the proposition is equal to at least sixty 2 17 percent of the total vote cast for and against the proposition 2 18 at the election. If the proposition is approved by the 2 19 voters, the authority may proceed with the issuance of the 2 20 bonds. If the proposition is not approved, it shall not be 2 21 resubmitted to voters for a period of six months following the 2 22 date of the special election. 2 23 Sec. 3. Section 330A.9, subsection 1, Code 1997, is 2 24 amended to read as follows: 2 25 1. The bonds issued by an authority pursuant to this 2 26 chapter shall be authorized byresolution of the boardan 2 27 election in accordance with section 330A.8A and shall be 2 28 either term or serial bonds, shallbear suchmature at a date 2 29or dates, mature at such time or times,notexceedingto 2 30 exceed forty years fromtheir respective datesthe date of 2 31 issuance, bear interest atsuch rate or rates, not exceedinga 2 32 rate not to exceed that permitted by chapter 74A payable 2 33 semiannually, be in such denominations, be in such form, 2 34 either coupon or fully registered,shallcarry such 2 35 registration, exchangeability and interchangeability 3 1 privileges, be payable in such medium of payment and at such 3 2 place or places, within or without the state, be subject to 3 3 such terms of redemption and be entitled to such priorities on 3 4 the revenues, rates, fees, rentals, or other charges or 3 5 receipts of the authority asthe resolution or any subsequent3 6resolution may provideprovided by the authority. The bonds 3 7 shall be executed either by manual or facsimile signature by 3 8 the officers as an authority shall determine, provided that 3 9 the bonds shall bear at least one signature which is manually 3 10 executed thereon, and the coupons attached to the bonds shall 3 11 bear the facsimile signature or signatures of the officer or 3 12 officers as shall be designated by an authority and the bonds 3 13 shall have the seal of the authority, affixed, imprinted, 3 14 reproduced, or lithographed thereon, all as may be prescribed 3 15 in the resolution or resolutions. The bonds may be sold at 3 16 public or private sale at the price or prices as the authority 3 17 shall determine to be in the best interests of the authority. 3 18 However, the net interest cost shall not exceed that permitted 3 19 by chapter 74A. Pending the preparation of definitive bonds, 3 20 interim certificates or temporary bonds may be issued to the 3 21 purchaser or purchasers of the bonds, and may contain terms 3 22 and conditions as the authority may determine. 3 23 Sec. 4. APPLICABILITY. This Act does not apply to bonds 3 24 issued under chapter 330A prior to the effective date of this 3 25 Act. 3 26 Sec. 5. EFFECTIVE DATE. This Act, being deemed of 3 27 immediate importance, is effective upon enactment. 3 28 EXPLANATION 3 29 This bill requires an aviation authority's member 3 30 municipalities to call a special election prior to issuing 3 31 bonds. The bonds must be approved by 60 percent of all voters 3 32 voting on the proposition. An aviation authority is a public 3 33 body created by ordinance by one or more municipalities. 3 34 This bill does not apply to bonds issued under chapter 330A 3 35 prior to the effective date of this bill which is effective 4 1 upon enactment. 4 2 LSB 1522HH 77 4 3 mk/sc/14
Text: HF00194 Text: HF00196 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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