Text: SF02129 Text: SF02131 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 174.1, Code Supplement 1997, is amended
1 2 by adding the following new subsection:
1 3 NEW SUBSECTION. 0A. "Bond issuer" means a county fair
1 4 society.
1 5 Sec. 2. NEW SECTION. 174.28 ISSUANCE OF REVENUE BONDS –
1 6 STANDBY TAX LEVY – PROCEDURES.
1 7 1. The governing body of a bond issuer may issue bonds
1 8 payable from revenue generated by the operations of the county
1 9 fair and the use or rental of the real and personal property
1 10 owned or leased by the bond issuer. The governing body of a
1 11 bond issuer shall comply with all of the procedures as
1 12 follows:
1 13 a. A bond issuer may institute proceedings for the
1 14 issuance of bonds by causing a notice of the proposal to issue
1 15 the bonds, including a statement of the amount and purpose of
1 16 the bonds, together with the maximum rate of interest which
1 17 the bonds are to bear, and the right to petition for an
1 18 election, to be published at least once in a newspaper of
1 19 general circulation within the county at least ten days prior
1 20 to the meeting at which the bond issuer proposes to take
1 21 action for the issuance of the bonds.
1 22 b. If at any time before the date fixed for taking action
1 23 for the issuance of the bonds, a petition signed by three
1 24 percent of the registered voters of the county is filed with
1 25 the board of supervisors, asking that the question of issuing
1 26 the bonds be submitted to the registered voters, the board of
1 27 supervisors shall either by resolution declare the proposal to
1 28 issue the bonds to have been abandoned or shall direct the
1 29 county commissioner of elections to call a special election
1 30 upon the question of issuing the bonds. The proposition of
1 31 issuing bonds under this subsection is not approved unless the
1 32 vote in favor of the proposition is equal to at least sixty
1 33 percent of the vote cast. If a petition is not filed, or if a
1 34 petition is filed and the proposition of issuing the bonds is
1 35 approved at an election, the board of supervisors acting on
2 1 behalf of the bond issuer may proceed with the authorization
2 2 and issuance of the bonds. Bonds may be issued for the
2 3 purpose of refunding outstanding and previously issued bonds
2 4 under this subsection without otherwise complying with the
2 5 provisions of this subsection.
2 6 c. All bonds issued under this subsection shall be payable
2 7 solely from and shall be secured by an irrevocable pledge of a
2 8 sufficient portion of the net rents, profits, and income
2 9 derived from the operation of the county fair and the use or
2 10 rental of the real and personal property owned or leased by
2 11 the bond issuer. Bonds issued pursuant to this section shall
2 12 not constitute an indebtedness within the meaning of any
2 13 constitutional or statutory debt limitation or restriction,
2 14 and shall not be subject to the provisions of any other law or
2 15 charter relating to the authorization, issuance, or sale of
2 16 bonds. Bonds issued under this subsection shall not limit or
2 17 restrict the authority of the bond issuer as otherwise
2 18 provided by law.
2 19 2. To further secure the payment of the bonds, the board
2 20 of supervisors shall, by resolution, provide for the
2 21 assessment of an annual levy of a standby tax upon all taxable
2 22 property within the county. A copy of the resolution shall be
2 23 sent to the county auditor. The revenues from the standby tax
2 24 shall be deposited in a special fund and shall be expended
2 25 only for the payment of principal of and interest on the bonds
2 26 issued as provided in this section, when the receipt of
2 27 revenues pursuant to subsection 1 is insufficient. If
2 28 payments are necessary and made from the special fund, the
2 29 amount of the payments shall be promptly repaid into the
2 30 special fund from the first available payments received which
2 31 are not required for the payment of principal of or interest
2 32 on bonds due. Reserves shall not be built up in the special
2 33 fund in anticipation of a projected default. The board of
2 34 supervisors shall adjust the annual standby tax levy for each
2 35 year to reflect the amount of revenues in the special fund and
3 1 the amount of principal and interest which is due in that
3 2 year.
3 3 EXPLANATION
3 4 This bill provides that a county fair society may issue
3 5 bonds which are payable from revenue generated by the
3 6 operations of the county fair and the use and rental of the
3 7 real and personal property owned or leased by the county fair
3 8 society. After 10-days' notice of the proposal to issue bonds
3 9 including the amount of the bond issue, purpose, maximum rate
3 10 of interest, and the right to petition for an election, the
3 11 county fair society may take action to issue the bonds. If a
3 12 petition signed by 3 percent of the registered voters of the
3 13 county requesting an election is filed before the date fixed
3 14 for taking action on issuance of the bond, a special election
3 15 shall be called and the bond issue is not approved unless the
3 16 vote in favor of the proposal is equal to at least 60 percent
3 17 of the vote cast.
3 18 To further secure the payment of any bonds issued, the
3 19 board of supervisors shall provide for the assessment of an
3 20 annual levy of a standby tax upon all taxable property within
3 21 the county. The revenues from the standby tax shall be
3 22 deposited in a special fund and shall be expended only for the
3 23 payment of the principal and interest on the bonds when the
3 24 receipts of pledged revenues are insufficient to pay the
3 25 principal and interest on the bonds due.
3 26 LSB 3616SS 77
3 27 tj/cf/24.1
Text: SF02129 Text: SF02131 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 1998 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Apr 1 03:40:04 CST 1998
URL: /DOCS/GA/77GA/Legislation/SF/02100/SF02130/980205.html
jhf