Text: HF00688 Text: HF00690 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 28F.1, Code 1997, is amended by 1 2 striking the section and inserting in lieu thereof the 1 3 following: 1 4 28F.1 SCOPE OF CHAPTER. 1 5 This chapter provides a means to reduce the cost of local 1 6 government by assisting public agencies in the undertaking of 1 7 joint financing and is intended to provide specific state 1 8 legislation consistent with criteria established by 1 9 regulations and rulings of the commissioner of internal 1 10 revenue, United States department of treasury, in order for a 1 11 separate joint financing entity to be treated as a constituted 1 12 authority empowered to issue obligations on behalf of 1 13 political subdivisions of this state. This chapter provides a 1 14 means for the joint financing by public agencies of works or 1 15 facilities which are part of any city enterprise as defined in 1 16 section 384.24, county enterprise as defined in section 1 17 331.461, city utility as defined in section 362.2, joint water 1 18 utility as defined in section 389.1, or sanitary district as 1 19 defined in chapter 358. This chapter applies to the 1 20 acquisition, construction, reconstruction, ownership, 1 21 operation, repair, extension, or improvement of the works or 1 22 facilities, by a separate administrative or legal entity 1 23 created pursuant to chapter 28E or chapter 389. When the 1 24 legal entity created under this chapter is comprised solely of 1 25 cities, counties, or sanitary districts established under 1 26 chapter 358 or any combination of these political 1 27 subdivisions, or any combination of the public agencies 1 28 previously specified in this section with other public 1 29 agencies, the entity shall be both a corporation and a 1 30 political subdivision with the name under which it was 1 31 organized. The legal entity may sue and be sued, contract, 1 32 acquire and hold real and personal property necessary for 1 33 corporate purposes, adopt a corporate seal and alter the seal 1 34 at pleasure, and execute all powers conferred by this chapter. 1 35 Sec. 2. Section 28F.2, Code 1997, is amended to read as 2 1 follows: 2 2 28F.2 DEFINITIONS. 2 3 The terms "public agency", "state", and "private agency" 2 4 shall have the meanings prescribed by section 28E.2. The term 2 5 "project" or "projects" shall mean any works or facilities 2 6 referred to in section 28F.1 and shall include all property 2 7 real and personal, pertinent thereto or connected with such 2 8 project or projects, and the existing works or facilities, if 2 9 any, to which such project or projects are an extension, 2 10 addition, betterment, or improvement."Electric power agency"2 11means an entity financing or acquiring electric power2 12facilities pursuant to this chapter or chapter 28E.2 13 Sec. 3. Section 28F.3, Code 1997, is amended by adding the 2 14 following new unnumbered paragraph: 2 15 NEW UNNUMBERED PARAGRAPH. An entity created to carry out 2 16 an agreement authorizing the joint exercise of powers 2 17 enumerated in section 28F.1 with regard to electric power 2 18 facilities shall keep accurate books, records, and accounts of 2 19 all its dealings. These books, records, and accounts shall be 2 20 open to inspection and audit by the representatives of any 2 21 member of the agency and shall be audited annually by the 2 22 auditor of state or a certified public accountant as provided 2 23 in section 11.6. 2 24 Sec. 4. Section 28F.7, unnumbered paragraph 2, Code 1997, 2 25 is amended by striking the unnumbered paragraph. 2 26 EXPLANATION 2 27 This bill provides that specified public agencies and 2 28 political subdivisions of this state which separately have the 2 29 authority to undertake certain public works, as specified in 2 30 the bill, may join other public agencies or political 2 31 subdivisions to carry out those projects jointly and fund the 2 32 projects or facilities through a separate joint financing 2 33 entity acting on behalf of the political subdivisions. The 2 34 separate funding entities created under this chapter are to 2 35 meet the regulations and rulings of the commissioner of 3 1 internal revenue. 3 2 The bill also strikes certain restrictions on cities' use 3 3 of joint financing of public works and facilities, strikes a 3 4 definition of electric power agency which is no longer needed, 3 5 and strikes a requirement that a power facility operating 3 6 under chapter 28F meet standards of the national electric 3 7 safety code of 1968, as amended. 3 8 The bill provides that an entity created to carry out an 3 9 agreement authorizing the joint exercise of powers by public 3 10 agencies or political subdivisions to undertake public works 3 11 shall keep accurate books, records, and accounts which shall 3 12 be open to inspection. 3 13 LSB 1734HV 77 3 14 tj/jj/8
Text: HF00688 Text: HF00690 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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