House Journal: Page 1627: Wednesday, April 19, 2000
5 negotiate and fix the details of an issue of bonds.
6 7. Neither the resolution, trust agreement, nor
7 any other instrument by which a pledge is created
8 needs to be recorded or filed under the Iowa uniform
9 commercial code to be valid, binding, or effective.
10 8. Bonds issued under the provisions of this
11 section are declared to be issued for a general public
12 and governmental purpose and all bonds issued under
13 this section shall be exempt from taxation by the
14 state of Iowa and the interest on the bonds shall be
15 exempt from the state income tax and the state
16 inheritance and estate tax.
17 9. Subject to the terms of any bond documents,
18 moneys in the school infrastructure fund may be
19 expended for administration expenses.
20 10. The treasurer of state may issue bonds for the
21 purpose of refunding any bonds or notes issued
22 pursuant to this section then outstanding, including
23 the payment of any redemption premiums thereon and any
24 interest accrued or to accrue to the date of
25 redemption of the outstanding bonds or notes. Until
26 the proceeds of bonds issued for the purpose of
27 refunding outstanding bonds or notes are applied to
28 the purchase or retirement of outstanding bonds or
29 notes or the redemption of outstanding bonds or notes,
30 the proceeds may be placed in escrow and be invested
31 and reinvested in accordance with the provisions of
32 this section. The interest, income, and profits
33 earned or realized on an investment may also be
34 applied to the payment of the outstanding bonds or
35 notes to be refunded by purchase, retirement, or
36 redemption. After the terms of the escrow have been
37 fully satisfied and carried out, any balance of
38 proceeds and interest earned or realized on the
39 investments may be returned and deposited in the
40 school infrastructure fund. All refunding bonds shall
41 be issued and secured and subject to the provisions of
42 this chapter in the same manner and to the same extent
43 as other bonds issued pursuant to this section.
44 Sec. . NEW SECTION. 12.82 SCHOOL
45 INFRASTRUCTURE AND RESERVE FUNDS.
46 1. A school infrastructure fund is created and
47 established as a separate and distinct fund in the
48 state treasury under the control of the department of
49 education. The fund shall be used for purposes of the
50 school infrastructure program established in section
Page 4
1 292.2.
2 2. Revenue for the school infrastructure fund
3 shall include, but is not limited to, the following,
© 2000 Cornell College and
League of Women Voters of Iowa
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