House Journal: Page 1584: Tuesday, April 18, 2000
31 "Sec. ___. Section 296.1, Code 1999, is amended to
32 read as follows:
33 296.1 INDEBTEDNESS AUTHORIZED.
34 Subject to the approval of the voters thereof,
35 school districts are hereby authorized to contract
36 indebtedness and to issue general obligation bonds to
37 provide funds to defray the cost of purchasing,
38 building, furnishing, reconstructing, repairing,
39 improving, or remodeling a schoolhouse or schoolhouses
40 and additions thereto, gymnasium, stadium, field
41 house, school bus garage, teachers' or
42 superintendent's home or homes, and procuring a site
43 or sites therefor, or purchasing land to add to a site
44 already owned, or procuring and improving a site for
45 an athletic field, or improving a site already owned
46 for an athletic field, and for any one or more of such
47 purposes. Taxes for the payment of said bonds shall
48 be levied in accordance with chapter 76, and said such
49 bonds shall mature within a period not exceeding
50 twenty years from date of issue, shall bear interest
Page 2
1 at a rate or rates not exceeding that permitted by
2 chapter 74A, and shall be of such form as the board of
3 directors of such school district shall by resolution
4 provide, but the aggregate indebtedness of any school
5 district shall not exceed five percent of the actual
6 value of the taxable property within said the school
7 district, as ascertained by the last preceding state
8 and county tax lists. The bonds may be sold at public
9 or private sale at a price as may be determined by the
10 board of directors. Such bonds may be sold at not
11 less than ninety-eight percent of par or may be
12 exchanged for other bonds at not less than ninety-
13 eight percent of par."
14 ___. Page 4, by inserting after line 13 the
15 following:
16 "Sec. ___. Section 298.22, unnumbered paragraph 1,
17 Code 1999, is amended to read as follows:
18 All of said bonds shall be substantially in the
19 form provided for county bonds, but subject to changes
20 that will conform them to the action of the board
21 providing therefor; shall run not more than twenty
22 years, and may be sooner paid if so nominated in the
23 bond; bear a rate of interest not exceeding that
24 permitted by chapter 74A, payable semiannually; be
25 signed by the president and countersigned by the
26 secretary of the board of directors; and shall not be
27 disposed of for less than par value, nor issued for
28 other purposes than this chapter provides be sold at
29 public or private sale at a price as may be determined
© 2000 Cornell College and
League of Women Voters of Iowa
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