Text: H01625 Text: H01627 Text: H01600 - H01699 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend the amendment, H-1593, to House File 698, as 1 2 follows: 1 3 #1. By striking page 1, line 2, through page 3, 1 4 line 28, and inserting the following: 1 5 "# . Page 1, by inserting before line 1, the 1 6 following: 1 7 "Section 1. Section 476A.6, Code 2001, is amended 1 8 to read as follows: 1 9 476A.6 DECISION CRITERIA. 1 10 The board shall render a decision on the 1 11 application in an expeditious manner. A certificate 1 12 shall be issued to the applicant if the board finds 1 13 all of the following: 1 14 1. The services and operations resulting from the 1 15 construction of the facility arerequired by the1 16present or future public convenience, use and1 17necessitycompatible with the energy policy of the 1 18 state as developed under section 476.53 and the 1 19 economic development policy of the state as expressed 1 20 in Title I, subtitle 5, and will not be detrimental to 1 21 the provision of adequate and reliable electric 1 22 service. 1 23 2. The applicant is willing toperform such1 24services andconstruct, maintain, and operate the 1 25 facility pursuant to the provisions of the certificate 1 26 and this chapter. 1 27 3. The construction, maintenance, and operation of 1 28 the facility willcause minimum adversebe consistent 1 29 with reasonable land use,and environmental, and1 30aesthetic impactpolicies andareconsonant with 1 31 reasonable utilization of air, land, and water 1 32 resources,for beneficial purposesconsidering 1 33 reasonably available technologyand the economics of1 34available alternatives. 1 354. The applicant, if a public utility as defined1 36in section 476.1, has in effect a comprehensive energy1 37management program designed to reduce peak loads and1 38to increase efficiency of use of energy by all classes1 39of customers of the utility, and the facility in the1 40application is necessary notwithstanding the existence1 41of the comprehensive energy management program. As1 42used in this subsection, a "comprehensive energy1 43management program" includes at a minimum the1 44following:1 45a. Establishment of load management and1 46interruptible service programs, where cost effective.1 47b. Development of wheeling agreements and other1 48energy sharing agreements, where cost effective with1 49utilities that have available capacity.1 50c. Establishment of cost-effective energy2 1efficiency and renewable energy services and programs.2 2d. Compliance with board rules on energy2 3management procedures.2 45. The applicant, if a public utility as defined2 5in section 476.1, shall demonstrate to the board that2 6the utility has considered sources for long-term2 7electric supply from either purchase of electricity or2 8investment in facilities owned by other persons.2 96. The applicant, if a public utility as defined2 10in section 476.1, has considered all feasible2 11alternatives to the proposed facility including2 12nongeneration alternatives; has ranked those2 13alternatives by cost; has implemented the least-cost2 14alternatives first; and the facility in the2 15application is necessary notwithstanding the2 16implementation of these alternatives.2 17 Sec. . Section 476A.7, Code 2001, is amended by 2 18 adding the following new subsection: 2 19 NEW SUBSECTION. 3. Pursuant to the provisions of 2 20 section 476.53, a rate-regulated public utility shall 2 21 have the option of withdrawing its application for 2 22 issuance of a certificate at any time prior to the 2 23 issuance of the certificate, or after the certificate 2 24 has been issued. 2 25 Sec. . Section 476A.15, Code 2001, is amended 2 26 to read as follows: 2 27 476A.15 WAIVER. 2 28 The board, if it determines that the public 2 29 interest would not be adversely affected, may waive 2 30 any of the requirements of this chapterfor facilities2 31with a capacity of one hundred or fewer megawatts. 2 32 Sec. . NEW SECTION. 476A.20 DEFINITIONS. 2 33 For purposes of this subchapter, unless the context 2 34 otherwise requires: 2 35 1. "Electric power agency" means an entity as 2 36 defined in section 28F.2. 2 37 2. "Facility" means an electric power generating 2 38 plant, or transmission line or system, as defined in 2 39 section 476A.1. 2 40 3. "Public bond or obligation" means an obligation 2 41 as defined in section 76.14. 2 42 Sec. . NEW SECTION. 476A.21 ELECTRIC POWER 2 43 AGENCY GENERAL AUTHORITY. 2 44 In addition to other powers conferred upon an 2 45 electric power agency by chapter 28F or other 2 46 applicable law, an electric power agency may enter 2 47 into and carry out joint agreements with other 2 48 participants for the acquisition of ownership of a 2 49 joint facility and for the planning, financing, 2 50 operation, and maintenance of the joint facility, as 3 1 provided in this subchapter. 3 2 Sec. . NEW SECTION. 476A.22 ELECTRIC POWER 3 3 AGENCY AUTHORITY CONFLICTING PROVISIONS. 3 4 1. In addition to any powers conferred upon an 3 5 electric power agency under chapter 28F or other 3 6 applicable law, an electric power agency may exercise 3 7 all other powers reasonably necessary or appropriate 3 8 for or incidental to the effectuation of the electric 3 9 power agency's authorized purposes, including without 3 10 limitation, the powers enumerated in chapters 6A and 3 11 6B for purposes of constructing or acquiring an 3 12 electric power facility. 3 13 2. An electric power agency, in connection with 3 14 its property and affairs, and in connection with 3 15 property within its control, may exercise any and all 3 16 powers that might be exercised by a natural person or 3 17 a private corporation in connection with similar 3 18 property and affairs. 3 19 3. The enumeration of specified powers and 3 20 functions of an electric power agency in this 3 21 subchapter is not a limitation of the powers of an 3 22 electric power agency, but the procedures prescribed 3 23 for exercising the powers and functions enumerated in 3 24 this subchapter control and govern in the event of any 3 25 conflict with any other provision of law. 3 26 4. The authority conferred pursuant to this 3 27 subchapter applies to electric power agencies, 3 28 notwithstanding any contrary provisions of section 3 29 28F.1. 3 30 Sec. . NEW SECTION. 476A.23 ISSUANCE OF 3 31 PUBLIC BONDS OR OBLIGATIONS PURPOSES 3 32 LIMITATIONS. 3 33 1. An electric power agency may from time to time 3 34 issue its public bonds or obligations in such 3 35 principal amounts as the electric power agency deems 3 36 necessary to provide sufficient funds to carry out any 3 37 of its purposes and powers, including but not limited 3 38 to any of the following: 3 39 a. The acquisition or construction of any project 3 40 to be owned or leased by the electric power agency, or 3 41 the acquisition of any interest in such project or any 3 42 right to the capacity of such project, including the 3 43 acquisition, construction, or acquisition of any 3 44 interest in an electric power generating plant to be 3 45 constructed in this state, or the acquisition, 3 46 construction, or acquisition of any interest in a 3 47 transmission line or system. 3 48 b. The funding or refunding of the principal of, 3 49 or interest or redemption premiums on, any public 3 50 bonds or obligations issued by the electric power 4 1 agency whether or not the public bonds or obligations 4 2 or interest to be funded or refunded have become due. 4 3 c. The establishment or increase of reserves to 4 4 secure or to pay the public bonds or obligations or 4 5 interest on the public bonds or obligations. 4 6 d. The payment of all other costs or expenses of 4 7 the electric power agency incident to and necessary to 4 8 carry out its purposes and powers. 4 9 2. Notwithstanding anything in this subchapter or 4 10 chapter 28F to the contrary, a facility shall not be 4 11 financed with the proceeds of public bonds or 4 12 obligations, the interest on which is exempt from 4 13 federal income tax, unless the public issuer of such 4 14 public bonds or obligations covenants that the issuer 4 15 shall comply with the requirements or limitations 4 16 imposed by the Internal Revenue Code or other 4 17 applicable federal law to preserve the tax exemption 4 18 of interest payable on the bonds or obligations. 4 19 3. Notwithstanding anything in this subchapter or 4 20 chapter 28F to the contrary, an electric power 4 21 generating facility shall not be financed under this 4 22 subchapter unless all of the following conditions are 4 23 satisfied: 4 24 a. The electric power generating facility is 4 25 designed to serve only the electric power requirements 4 26 of retail customers of members that were municipal 4 27 electric utilities established in the state prior to 4 28 January 1, 2001. 4 29 b. The electric power agency annually files with 4 30 the board, in a manner to be determined by the board, 4 31 information regarding sales from the electric power 4 32 generating facility in sufficient detail to determine 4 33 compliance with these provisions. 4 34 The board shall report to the general assembly if 4 35 any of the provisions are being violated. 4 36 Sec. . NEW SECTION. 476A.24 PUBLIC BONDS OR 4 37 OBLIGATIONS AUTHORIZED BY RESOLUTION OF BOARD 4 38 TERMS. 4 39 1. The board of directors of an electric power 4 40 agency, by resolution, may authorize the issuance of 4 41 public bonds or obligations of the electric power 4 42 agency. 4 43 2. The public bonds or obligations may be issued 4 44 in one or more series under the resolution or under a 4 45 trust indenture or other security agreement. 4 46 3. The resolution, trust indenture, or other 4 47 security agreement, with respect to such public bonds 4 48 or obligations, shall provide for all of the 4 49 following: 4 50 a. The date on the public bonds or obligations. 5 1 b. The time of maturity. 5 2 c. The rate of interest. 5 3 d. The denomination. 5 4 e. The form, either coupon or registered. 5 5 f. The conversion, registration, and exchange 5 6 privileges. 5 7 g. The rank or priority. 5 8 h. The manner of execution. 5 9 i. The medium of payment, including the place of 5 10 payment, either within or outside of the state. 5 11 j. The terms of redemption, either with or without 5 12 premium. 5 13 k. Such other terms and conditions as set forth by 5 14 the board in the resolution, trust indenture, or other 5 15 security agreement. 5 16 4. Public bonds or obligations authorized by the 5 17 board of directors shall not be subject to any 5 18 restriction under other law with respect to the 5 19 amount, maturity, interest rate, or other terms of 5 20 obligation of a public agency or private person. 5 21 5. Chapter 75 shall not apply to public bonds or 5 22 obligations authorized by the board of directors as 5 23 provided in this section. 5 24 Sec. . NEW SECTION. 476A.25 PUBLIC BONDS OR 5 25 OBLIGATIONS PAYABLE SOLELY FROM AGENCY REVENUES OR 5 26 FUNDS. 5 27 1. The principal of and interest on any public 5 28 bonds or obligations issued by an electric power 5 29 agency shall be payable solely from the revenues or 5 30 funds pledged or available for their payment as 5 31 authorized in this subchapter. 5 32 2. Each public bond or obligation shall contain 5 33 all of the following terms: 5 34 a. That the principal of or interest on such 5 35 public bonds or obligation is payable solely from 5 36 revenues or funds of the electric power agency. 5 37 b. That neither the state or a political 5 38 subdivision of the state other than the electric power 5 39 agency, nor a public agency that is a member of the 5 40 electric power agency is obligated to pay the 5 41 principal or interest on such public bonds or 5 42 obligations. 5 43 c. That neither the full faith and credit nor the 5 44 taxing power of the state, of any political 5 45 subdivision of the state, or of any such public agency 5 46 is pledged to the payment of the principal of or the 5 47 interest on the public bonds or obligations. 5 48 Sec. . NEW SECTION. 476A.26 PUBLIC BONDS OR 5 49 OBLIGATIONS TYPES SOURCES FOR PAYMENT 5 50 SECURITY. 6 1 1. Except as otherwise expressly provided by this 6 2 subchapter or by the electric power agency, every 6 3 issue of public bonds or obligations of the electric 6 4 power agency shall be payable out of any revenues or 6 5 funds of the electric power agency, subject only to 6 6 any agreements with the holders of particular public 6 7 bonds or obligations pledging any particular revenues 6 8 or funds. 6 9 2. An electric power agency may issue types of 6 10 public bonds or obligations as it may determine, 6 11 including public bonds or obligations as to which the 6 12 principal and interest are payable exclusively from 6 13 the revenues from one or more projects, or from an 6 14 interest in such project or projects, or a right to 6 15 capacity of such project or projects, or from any 6 16 revenue-producing contract made by the electric power 6 17 agency with any person, or from its revenues 6 18 generally. 6 19 3. Any public bonds or obligations may be 6 20 additionally secured by a pledge of any grant, 6 21 subsidy, or contribution from any public agency or 6 22 other person, or a pledge of any income or revenues, 6 23 funds, or moneys of the electric power agency from any 6 24 other source. 6 25 Sec. . NEW SECTION. 476A.27 PUBLIC BONDS OR 6 26 OBLIGATIONS AND RATES FOR DEBT SERVICE NOT SUBJECT TO 6 27 STATE APPROVAL. 6 28 Public bonds or obligations of an electric power 6 29 agency may be issued under this subchapter, and rents, 6 30 rates, and charges may be established in the same 6 31 manner as provided in section 28F.5 and pledged for 6 32 the security of public bonds or obligations and 6 33 interest and redemption premiums on such public bonds 6 34 or obligations, without obtaining the consent of any 6 35 department, division, commission, board, bureau, or 6 36 agency of the state and without any other proceeding 6 37 or the happening of any other condition or occurrence, 6 38 except as specifically required by this subchapter. 6 39 Sec. . NEW SECTION. 476A.28 PUBLIC BONDS OR 6 40 OBLIGATIONS TO BE NEGOTIABLE. 6 41 All public bonds or obligations of an electric 6 42 power agency shall be negotiable within the meaning 6 43 and for all of the purposes of the uniform commercial 6 44 code, chapter 554, subject only to the registration 6 45 requirement of section 76.10. 6 46 Sec. . NEW SECTION. 476A.29 VALIDITY OF 6 47 PUBLIC BONDS OR OBLIGATIONS AT DELIVERY TEMPORARY 6 48 BONDS. 6 49 1. Any public bonds or obligations may be issued 6 50 and delivered, notwithstanding that one or more of the 7 1 officers executing them shall have ceased to hold 7 2 office at the time when the public bonds or 7 3 obligations are actually delivered. 7 4 2. Pending preparation of definitive bonds 7 5 obligations, an electric power agency may issue 7 6 temporary bonds or obligations that shall be exchanged 7 7 for the definitive bonds or obligations upon their 7 8 issuance. 7 9 Sec. . NEW SECTION. 476A.30 PUBLIC OR PRIVATE 7 10 SALE OF BONDS AND NOTES. 7 11 Public bonds or obligations of an electric power 7 12 agency may be sold at public or private sale for a 7 13 price and in a manner determined by the electric power 7 14 agency. 7 15 Sec. . NEW SECTION. 476A.31 PUBLIC BONDS OR 7 16 OBLIGATIONS AS SUITABLE INVESTMENTS FOR GOVERNMENTAL 7 17 UNITS, FINANCIAL INSTITUTIONS, AND FIDUCIARIES. 7 18 The following persons may legally invest any debt 7 19 service funds, money, or other funds belonging to such 7 20 person or within such person's control in any public 7 21 bonds or obligations issued pursuant to this 7 22 subchapter: 7 23 1. A bank, trust company, savings association, 7 24 building and loan association, savings and loan 7 25 association, or investment company. 7 26 2. An insurance company, insurance association, or 7 27 any other person carrying on an insurance business. 7 28 3. An executor, administrator, conservator, 7 29 trustee, or other fiduciary. 7 30 4. Any other person authorized to invest in bonds 7 31 or obligations of the state. 7 32 Sec. . NEW SECTION. 476A.32 RESOLUTION, TRUST 7 33 INDENTURE, OR SECURITY AGREEMENT CONSTITUTES CONTRACT 7 34 PROVISIONS. 7 35 The resolution, trust indenture, or other security 7 36 agreement under which any public bonds or obligations 7 37 are issued shall constitute a contract with the 7 38 holders of the public bonds or obligations, and may 7 39 contain provisions, among others, prescribing any of 7 40 the following terms: 7 41 1. The terms and provisions of the public bonds or 7 42 obligations. 7 43 2. The mortgage or pledge of and the grant of a 7 44 security interest in any real or personal property and 7 45 all or any part of the revenue from any project or any 7 46 revenue producing contract made by the electric power 7 47 agency with any person to secure the payment of public 7 48 bonds or obligations, subject to any agreements with 7 49 the holders of public bonds or obligations which might 7 50 then exist. 8 1 3. The custody, collection, securing, investment, 8 2 and payment of any revenues, assets, money, funds, or 8 3 property with respect to which the electric power 8 4 agency may have any rights or interest. 8 5 4. The rates or charges for electric energy sold 8 6 by, or services rendered by, the electric power 8 7 agency, the amount to be raised by the rates or 8 8 charges, and the use and disposition of any or all 8 9 revenue. 8 10 5. The creation of reserves or debt service funds 8 11 and the regulation and disposition of such reserves or 8 12 funds. 8 13 6. The purposes to which the proceeds from the 8 14 sale of any public bonds or obligations to be issued 8 15 may be applied, and the pledge of the proceeds to 8 16 secure the payment of the public bonds or obligations. 8 17 7. Limitations on the issuance of any additional 8 18 public bonds or obligations, the terms upon which 8 19 additional public bonds or obligations may be issued 8 20 and secured, and the refunding of outstanding public 8 21 bonds or obligations. 8 22 8. The rank or priority of any public bonds or 8 23 obligations with respect to any lien or security. 8 24 9. The creation of special funds or moneys to be 8 25 held for operating expenses, payment, or redemption of 8 26 public bonds or obligations, reserves or other 8 27 purposes, and the use and disposition of moneys held 8 28 in these funds. 8 29 10. The procedure by which the terms of any 8 30 contract with or for the benefit of the holders of 8 31 public bonds or obligations may be amended or 8 32 abrogated, the amount of public bonds or obligations 8 33 the holders of which must consent to such amendment or 8 34 abrogation, and the manner in which consent may be 8 35 given. 8 36 11. The definition of the acts or omissions to act 8 37 that constitute a default in the duties of the 8 38 electric power agency to holders of its public bonds 8 39 or obligations, and the rights and remedies of the 8 40 holders in the event of default including, if the 8 41 electric power agency so determines, the right to 8 42 accelerate the date of the maturation of the public 8 43 bonds or obligations or the right to appoint a 8 44 receiver or receivers of the property or revenues 8 45 subject to the lien of the resolution, trust 8 46 indenture, or other security agreement. 8 47 12. Any other or additional agreements with or for 8 48 the benefit of the holders of public bonds or 8 49 obligations or any covenants or restrictions necessary 8 50 or desirable to safeguard the interests of the 9 1 holders. 9 2 13. The custody of any of the electric power 9 3 agency's property or investments, the safekeeping of 9 4 such property or investments, the insurance to be 9 5 carried on such property or investments, and the use 9 6 and disposition of insurance proceeds. 9 7 14. The vesting in a trustee or trustees, within 9 8 or outside the state, of such property, rights, 9 9 powers, and duties as the electric power agency may 9 10 determine; or the limiting or abrogating of the rights 9 11 of the holders of any public bonds or obligations to 9 12 appoint a trustee, or the limiting of the rights, 9 13 powers, and duties of such trustee. 9 14 15. The appointment of and the establishment of 9 15 the duties and obligations of any paying agent or 9 16 other fiduciary within or outside the state. 9 17 Sec. . NEW SECTION. 476A.33 MORTGAGE OR TRUST 9 18 DEED TO SECURE BONDS. 9 19 For the security of public bonds or obligations 9 20 issued or to be issued by an electric power agency, 9 21 the electric power agency may mortgage or execute 9 22 deeds of trust of the whole or any part of its 9 23 property. 9 24 Sec. . NEW SECTION. 476A.34 NO PERSONAL 9 25 LIABILITY ON PUBLIC BONDS OR OBLIGATIONS. 9 26 An official, director, member of an electric power 9 27 agency, or any person executing public bonds or 9 28 obligations shall not be liable personally on the 9 29 public bonds or obligations or be subject to any 9 30 personal liability or accountability by reason of the 9 31 issuance of such public bonds or obligations. 9 32 Sec. . NEW SECTION. 476A.35 REPURCHASE OF 9 33 SECURITIES. 9 34 An electric power agency may purchase public bonds 9 35 or obligations out of any funds available for such 9 36 purchase, and hold, pledge, cancel, or resell the 9 37 public bonds or obligations, subject to and in 9 38 accordance with any agreements with the holders. 9 39 Sec. . NEW SECTION. 476A.36 PLEDGE OF REVENUE 9 40 AS SECURITY. 9 41 An electric power agency may pledge its rates, 9 42 rents, and other revenues, or any part of such rates, 9 43 rents, and revenues, as security for the repayment, 9 44 with interest and redemption premiums, if any, of the 9 45 moneys borrowed by the electric power agency or 9 46 advanced to the electric power agency for any of its 9 47 authorized purposes and as security for the payment of 9 48 moneys due and owed by the electric power agency under 9 49 any contract. 9 50 Sec. . CODE EDITOR DIRECTIVE. The Code editor 10 1 shall change references to "this chapter" in sections 10 2 476A.1 through 476A.15 as necessary and appropriate to 10 3 reflect the addition of the new subchapter to chapter 10 4 476A as a result of this Act."" 10 5 #2. By renumbering as necessary. 10 6 10 7 10 8 10 9 CHIODO of Polk 10 10 HF 698.702 79 10 11 jj/cls
Text: H01625 Text: H01627 Text: H01600 - H01699 Text: H Index Bills and Amendments: General Index Bill History: General Index
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