House Journal: Page 1628: Wednesday, April 19, 2000
4 which shall be deposited with the treasurer of state
5 or its designee as provided by any bond or security
6 documents and credited to the fund:
7 a. The proceeds of bonds issued to capitalize and
8 pay the costs of the fund and investment earnings on
9 the proceeds.
10 b. Interest attributable to investment of money in
11 the fund or an account of the fund.
12 c. Moneys in the form of a devise, gift, bequest,
13 donation, federal or other grant, reimbursement,
14 repayment, judgment, transfer, payment, or
15 appropriation from any source intended to be used for
16 the purposes of the fund.
17 3. Moneys in the school infrastructure fund are
18 not subject to section 8.33. Notwithstanding section
19 12C.7, subsection 2, interest or earnings on moneys in
20 the fund shall be credited to the fund.
21 4. The treasurer of state may establish reserve
22 funds to secure one or more issues of bonds or notes
23 issued pursuant to section 12.81. The treasurer of
24 state may deposit in a reserve fund established under
25 this subsection the proceeds of the sale of its bonds
26 or notes and other money which is made available from
27 any other source. The treasurer of state may allow a
28 reserve fund established under this subsection to be
29 depleted.
30 Sec. . NEW SECTION. 12.83 PLEDGES.
31 1. It is the intention of the general assembly
32 that a pledge made in respect of bonds or notes shall
33 be valid and binding from the time the pledge is made,
34 that the money or property so pledged and received
35 after the pledge by the authority shall immediately be
36 subject to the lien of the pledge without physical
37 delivery or further act, and that the lien of the
38 pledge shall be valid and binding as against all
39 parties having claims of any kind in tort, contract,
40 or otherwise against the treasurer of state whether or
41 not the parties have notice of the lien.
42 2. The state pledges to and agrees with the
43 holders of bonds or notes issued under section 12.81,
44 that the state will not limit or alter the rights and
45 powers vested in the treasurer of state to fulfill the
46 terms of a contract made by the treasurer of state
47 with respect to the bonds or notes, or in any way
48 impair the rights and remedies of the holders until
49 the bonds and notes, together with the interest on
50 them including interest on unpaid installments of
Page 5
1 interest, and all costs and expenses in connection
2 with an action or proceeding by or on behalf of the
© 2000 Cornell College and
League of Women Voters of Iowa
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