Text: H02047 Text: H02049 Text: H02000 - H02099 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend the Senate amendment, H-2047, to House File 1 2 742, as amended, passed, and reprinted by the House, 1 3 as follows: 1 4 #1. Page 14, by inserting after line 26, the 1 5 following: 1 6 ""Sec. . NEW SECTION. 476A.20 DEFINITIONS. 1 7 For purposes of this subchapter, unless the context 1 8 otherwise requires: 1 9 1. "Electric power agency" means an entity as 1 10 defined in section 28F.2. 1 11 2. "Facility" means an electric power generating 1 12 plant, or transmission line or system, as defined in 1 13 section 476A.1. 1 14 3. "Public bond or obligation" means an obligation 1 15 as defined in section 76.14. 1 16 Sec. . NEW SECTION. 476A.21 ELECTRIC POWER 1 17 AGENCY GENERAL AUTHORITY. 1 18 In addition to other powers conferred upon an 1 19 electric power agency by chapter 28F or other 1 20 applicable law, an electric power agency may enter 1 21 into and carry out joint agreements with other 1 22 participants for the acquisition of ownership of a 1 23 joint facility and for the planning, financing, 1 24 operation, and maintenance of the joint facility, as 1 25 provided in this subchapter. 1 26 Sec. . NEW SECTION. 476A.22 ELECTRIC POWER 1 27 AGENCY AUTHORITY CONFLICTING PROVISIONS. 1 28 1. In addition to any powers conferred upon an 1 29 electric power agency under chapter 28F or other 1 30 applicable law, an electric power agency may exercise 1 31 all other powers reasonably necessary or appropriate 1 32 for or incidental to the effectuation of the electric 1 33 power agency's authorized purposes, including without 1 34 limitation, the powers enumerated in chapters 6A and 1 35 6B for purposes of constructing or acquiring an 1 36 electric power facility. 1 37 2. An electric power agency, in connection with 1 38 its property and affairs, and in connection with 1 39 property within its control, may exercise any and all 1 40 powers that might be exercised by a natural person or 1 41 a private corporation in connection with similar 1 42 property and affairs. 1 43 3. The enumeration of specified powers and 1 44 functions of an electric power agency in this 1 45 subchapter is not a limitation of the powers of an 1 46 electric power agency, but the procedures prescribed 1 47 for exercising the powers and functions enumerated in 1 48 this subchapter control and govern in the event of any 1 49 conflict with any other provision of law. 1 50 4. The authority conferred pursuant to this 2 1 subchapter applies to electric power agencies, 2 2 notwithstanding any contrary provisions of section 2 3 28F.1. 2 4 Sec. . NEW SECTION. 476A.23 ISSUANCE OF 2 5 PUBLIC BONDS OR OBLIGATIONS PURPOSES 2 6 LIMITATIONS. 2 7 1. An electric power agency may from time to time 2 8 issue its public bonds or obligations in such 2 9 principal amounts as the electric power agency deems 2 10 necessary to provide sufficient funds to carry out any 2 11 of its purposes and powers, including but not limited 2 12 to any of the following: 2 13 a. The acquisition or construction of any project 2 14 to be owned or leased by the electric power agency, or 2 15 the acquisition of any interest in such project or any 2 16 right to the capacity of such project, including the 2 17 acquisition, construction, or acquisition of any 2 18 interest in an electric power generating plant to be 2 19 constructed in this state, or the acquisition, 2 20 construction, or acquisition of any interest in a 2 21 transmission line or system. 2 22 b. The funding or refunding of the principal of, 2 23 or interest or redemption premiums on, any public 2 24 bonds or obligations issued by the electric power 2 25 agency whether or not the public bonds or obligations 2 26 or interest to be funded or refunded have become due. 2 27 c. The establishment or increase of reserves to 2 28 secure or to pay the public bonds or obligations or 2 29 interest on the public bonds or obligations. 2 30 d. The payment of all other costs or expenses of 2 31 the electric power agency incident to and necessary to 2 32 carry out its purposes and powers. 2 33 2. Notwithstanding anything in this subchapter or 2 34 chapter 28F to the contrary, a facility shall not be 2 35 financed with the proceeds of public bonds or 2 36 obligations, the interest on which is exempt from 2 37 federal income tax, unless the public issuer of such 2 38 public bonds or obligations covenants that the issuer 2 39 shall comply with the requirements or limitations 2 40 imposed by the Internal Revenue Code or other 2 41 applicable federal law to preserve the tax exemption 2 42 of interest payable on the bonds or obligations. 2 43 3. Notwithstanding anything in this subchapter or 2 44 chapter 28F to the contrary, an electric power 2 45 generating facility shall not be financed under this 2 46 subchapter unless all of the following conditions are 2 47 satisfied: 2 48 a. The electric power generating facility is 2 49 designed to serve only the electric power requirements 2 50 of retail customers of members that were municipal 3 1 electric utilities established in the state prior to 3 2 January 1, 2001. 3 3 b. The electric power agency annually files with 3 4 the board, in a manner to be determined by the board, 3 5 information regarding sales from the electric power 3 6 generating facility in sufficient detail to determine 3 7 compliance with these provisions. 3 8 The board shall report to the general assembly if 3 9 any of the provisions are being violated. 3 10 Sec. . NEW SECTION. 476A.24 PUBLIC BONDS OR 3 11 OBLIGATIONS AUTHORIZED BY RESOLUTION OF BOARD 3 12 TERMS. 3 13 1. The board of directors of an electric power 3 14 agency, by resolution, may authorize the issuance of 3 15 public bonds or obligations of the electric power 3 16 agency. 3 17 2. The public bonds or obligations may be issued 3 18 in one or more series under the resolution or under a 3 19 trust indenture or other security agreement. 3 20 3. The resolution, trust indenture, or other 3 21 security agreement, with respect to such public bonds 3 22 or obligations, shall provide for all of the 3 23 following: 3 24 a. The date on the public bonds or obligations. 3 25 b. The time of maturity. 3 26 c. The rate of interest. 3 27 d. The denomination. 3 28 e. The form, either coupon or registered. 3 29 f. The conversion, registration, and exchange 3 30 privileges. 3 31 g. The rank or priority. 3 32 h. The manner of execution. 3 33 i. The medium of payment, including the place of 3 34 payment, either within or outside of the state. 3 35 j. The terms of redemption, either with or without 3 36 premium. 3 37 k. Such other terms and conditions as set forth by 3 38 the board in the resolution, trust indenture, or other 3 39 security agreement. 3 40 4. Public bonds or obligations authorized by the 3 41 board of directors shall not be subject to any 3 42 restriction under other law with respect to the 3 43 amount, maturity, interest rate, or other terms of 3 44 obligation of a public agency or private person. 3 45 5. Chapter 75 shall not apply to public bonds or 3 46 obligations authorized by the board of directors as 3 47 provided in this section. 3 48 Sec. . NEW SECTION. 476A.25 PUBLIC BONDS OR 3 49 OBLIGATIONS PAYABLE SOLELY FROM AGENCY REVENUES OR 3 50 FUNDS. 4 1 1. The principal of and interest on any public 4 2 bonds or obligations issued by an electric power 4 3 agency shall be payable solely from the revenues or 4 4 funds pledged or available for their payment as 4 5 authorized in this subchapter. 4 6 2. Each public bond or obligation shall contain 4 7 all of the following terms: 4 8 a. That the principal of or interest on such 4 9 public bonds or obligation is payable solely from 4 10 revenues or funds of the electric power agency. 4 11 b. That neither the state or a political 4 12 subdivision of the state other than the electric power 4 13 agency, nor a public agency that is a member of the 4 14 electric power agency is obligated to pay the 4 15 principal or interest on such public bonds or 4 16 obligations. 4 17 c. That neither the full faith and credit nor the 4 18 taxing power of the state, of any political 4 19 subdivision of the state, or of any such public agency 4 20 is pledged to the payment of the principal of or the 4 21 interest on the public bonds or obligations. 4 22 Sec. . NEW SECTION. 476A.26 PUBLIC BONDS OR 4 23 OBLIGATIONS TYPES SOURCES FOR PAYMENT 4 24 SECURITY. 4 25 1. Except as otherwise expressly provided by this 4 26 subchapter or by the electric power agency, every 4 27 issue of public bonds or obligations of the electric 4 28 power agency shall be payable out of any revenues or 4 29 funds of the electric power agency, subject only to 4 30 any agreements with the holders of particular public 4 31 bonds or obligations pledging any particular revenues 4 32 or funds. 4 33 2. An electric power agency may issue types of 4 34 public bonds or obligations as it may determine, 4 35 including public bonds or obligations as to which the 4 36 principal and interest are payable exclusively from 4 37 the revenues from one or more projects, or from an 4 38 interest in such project or projects, or a right to 4 39 capacity of such project or projects, or from any 4 40 revenue-producing contract made by the electric power 4 41 agency with any person, or from its revenues 4 42 generally. 4 43 3. Any public bonds or obligations may be 4 44 additionally secured by a pledge of any grant, 4 45 subsidy, or contribution from any public agency or 4 46 other person, or a pledge of any income or revenues, 4 47 funds, or moneys of the electric power agency from any 4 48 other source. 4 49 Sec. . NEW SECTION. 476A.27 PUBLIC BONDS OR 4 50 OBLIGATIONS AND RATES FOR DEBT SERVICE NOT SUBJECT TO 5 1 STATE APPROVAL. 5 2 Public bonds or obligations of an electric power 5 3 agency may be issued under this subchapter, and rents, 5 4 rates, and charges may be established in the same 5 5 manner as provided in section 28F.5 and pledged for 5 6 the security of public bonds or obligations and 5 7 interest and redemption premiums on such public bonds 5 8 or obligations, without obtaining the consent of any 5 9 department, division, commission, board, bureau, or 5 10 agency of the state and without any other proceeding 5 11 or the happening of any other condition or occurrence, 5 12 except as specifically required by this subchapter. 5 13 Sec. . NEW SECTION. 476A.28 PUBLIC BONDS OR 5 14 OBLIGATIONS TO BE NEGOTIABLE. 5 15 All public bonds or obligations of an electric 5 16 power agency shall be negotiable within the meaning 5 17 and for all of the purposes of the uniform commercial 5 18 code, chapter 554, subject only to the registration 5 19 requirement of section 76.10. 5 20 Sec. . NEW SECTION. 476A.29 VALIDITY OF 5 21 PUBLIC BONDS OR OBLIGATIONS AT DELIVERY TEMPORARY 5 22 BONDS. 5 23 1. Any public bonds or obligations may be issued 5 24 and delivered, notwithstanding that one or more of the 5 25 officers executing them shall have ceased to hold 5 26 office at the time when the public bonds or 5 27 obligations are actually delivered. 5 28 2. Pending preparation of definitive bonds 5 29 obligations, an electric power agency may issue 5 30 temporary bonds or obligations that shall be exchanged 5 31 for the definitive bonds or obligations upon their 5 32 issuance. 5 33 Sec. . NEW SECTION. 476A.30 PUBLIC OR PRIVATE 5 34 SALE OF BONDS AND NOTES. 5 35 Public bonds or obligations of an electric power 5 36 agency may be sold at public or private sale for a 5 37 price and in a manner determined by the electric power 5 38 agency. 5 39 Sec. . NEW SECTION. 476A.31 PUBLIC BONDS OR 5 40 OBLIGATIONS AS SUITABLE INVESTMENTS FOR GOVERNMENTAL 5 41 UNITS, FINANCIAL INSTITUTIONS, AND FIDUCIARIES. 5 42 The following persons may legally invest any debt 5 43 service funds, money, or other funds belonging to such 5 44 person or within such person's control in any public 5 45 bonds or obligations issued pursuant to this 5 46 subchapter: 5 47 1. A bank, trust company, savings association, 5 48 building and loan association, savings and loan 5 49 association, or investment company. 5 50 2. An insurance company, insurance association, or 6 1 any other person carrying on an insurance business. 6 2 3. An executor, administrator, conservator, 6 3 trustee, or other fiduciary. 6 4 4. Any other person authorized to invest in bonds 6 5 or obligations of the state. 6 6 Sec. . NEW SECTION. 476A.32 RESOLUTION, TRUST 6 7 INDENTURE, OR SECURITY AGREEMENT CONSTITUTES CONTRACT 6 8 PROVISIONS. 6 9 The resolution, trust indenture, or other security 6 10 agreement under which any public bonds or obligations 6 11 are issued shall constitute a contract with the 6 12 holders of the public bonds or obligations, and may 6 13 contain provisions, among others, prescribing any of 6 14 the following terms: 6 15 1. The terms and provisions of the public bonds or 6 16 obligations. 6 17 2. The mortgage or pledge of and the grant of a 6 18 security interest in any real or personal property and 6 19 all or any part of the revenue from any project or any 6 20 revenue producing contract made by the electric power 6 21 agency with any person to secure the payment of public 6 22 bonds or obligations, subject to any agreements with 6 23 the holders of public bonds or obligations which might 6 24 then exist. 6 25 3. The custody, collection, securing, investment, 6 26 and payment of any revenues, assets, money, funds, or 6 27 property with respect to which the electric power 6 28 agency may have any rights or interest. 6 29 4. The rates or charges for electric energy sold 6 30 by, or services rendered by, the electric power 6 31 agency, the amount to be raised by the rates or 6 32 charges, and the use and disposition of any or all 6 33 revenue. 6 34 5. The creation of reserves or debt service funds 6 35 and the regulation and disposition of such reserves or 6 36 funds. 6 37 6. The purposes to which the proceeds from the 6 38 sale of any public bonds or obligations to be issued 6 39 may be applied, and the pledge of the proceeds to 6 40 secure the payment of the public bonds or obligations. 6 41 7. Limitations on the issuance of any additional 6 42 public bonds or obligations, the terms upon which 6 43 additional public bonds or obligations may be issued 6 44 and secured, and the refunding of outstanding public 6 45 bonds or obligations. 6 46 8. The rank or priority of any public bonds or 6 47 obligations with respect to any lien or security. 6 48 9. The creation of special funds or moneys to be 6 49 held for operating expenses, payment, or redemption of 6 50 public bonds or obligations, reserves or other 7 1 purposes, and the use and disposition of moneys held 7 2 in these funds. 7 3 10. The procedure by which the terms of any 7 4 contract with or for the benefit of the holders of 7 5 public bonds or obligations may be amended or 7 6 abrogated, the amount of public bonds or obligations 7 7 the holders of which must consent to such amendment or 7 8 abrogation, and the manner in which consent may be 7 9 given. 7 10 11. The definition of the acts or omissions to act 7 11 that constitute a default in the duties of the 7 12 electric power agency to holders of its public bonds 7 13 or obligations, and the rights and remedies of the 7 14 holders in the event of default including, if the 7 15 electric power agency so determines, the right to 7 16 accelerate the date of the maturation of the public 7 17 bonds or obligations or the right to appoint a 7 18 receiver or receivers of the property or revenues 7 19 subject to the lien of the resolution, trust 7 20 indenture, or other security agreement. 7 21 12. Any other or additional agreements with or for 7 22 the benefit of the holders of public bonds or 7 23 obligations or any covenants or restrictions necessary 7 24 or desirable to safeguard the interests of the 7 25 holders. 7 26 13. The custody of any of the electric power 7 27 agency's property or investments, the safekeeping of 7 28 such property or investments, the insurance to be 7 29 carried on such property or investments, and the use 7 30 and disposition of insurance proceeds. 7 31 14. The vesting in a trustee or trustees, within 7 32 or outside the state, of such property, rights, 7 33 powers, and duties as the electric power agency may 7 34 determine; or the limiting or abrogating of the rights 7 35 of the holders of any public bonds or obligations to 7 36 appoint a trustee, or the limiting of the rights, 7 37 powers, and duties of such trustee. 7 38 15. The appointment of and the establishment of 7 39 the duties and obligations of any paying agent or 7 40 other fiduciary within or outside the state. 7 41 Sec. . NEW SECTION. 476A.33 MORTGAGE OR TRUST 7 42 DEED TO SECURE BONDS. 7 43 For the security of public bonds or obligations 7 44 issued or to be issued by an electric power agency, 7 45 the electric power agency may mortgage or execute 7 46 deeds of trust of the whole or any part of its 7 47 property. 7 48 Sec. . NEW SECTION. 476A.34 NO PERSONAL 7 49 LIABILITY ON PUBLIC BONDS OR OBLIGATIONS. 7 50 An official, director, member of an electric power 8 1 agency, or any person executing public bonds or 8 2 obligations shall not be liable personally on the 8 3 public bonds or obligations or be subject to any 8 4 personal liability or accountability by reason of the 8 5 issuance of such public bonds or obligations. 8 6 Sec. . NEW SECTION. 476A.35 REPURCHASE OF 8 7 SECURITIES. 8 8 An electric power agency may purchase public bonds 8 9 or obligations out of any funds available for such 8 10 purchase, and hold, pledge, cancel, or resell the 8 11 public bonds or obligations, subject to and in 8 12 accordance with any agreements with the holders. 8 13 Sec. . NEW SECTION. 476A.36 PLEDGE OF REVENUE 8 14 AS SECURITY. 8 15 An electric power agency may pledge its rates, 8 16 rents, and other revenues, or any part of such rates, 8 17 rents, and revenues, as security for the repayment, 8 18 with interest and redemption premiums, if any, of the 8 19 moneys borrowed by the electric power agency or 8 20 advanced to the electric power agency for any of its 8 21 authorized purposes and as security for the payment of 8 22 moneys due and owed by the electric power agency under 8 23 any contract. 8 24 Sec. . Section 476.53, Code 2001, is repealed. 8 25 Sec. . CODE EDITOR DIRECTIVE. The Code editor 8 26 shall change references to "this chapter" in sections 8 27 476A.1 through 476A.15 as necessary and appropriate to 8 28 reflect the addition of the new subchapter to chapter 8 29 476A as a result of this Act." 8 30 #2. Page 15, line 35, by inserting before the word 8 31 "providing" the following: "including by providing 8 32 for joint agreements for the acquisition of ownership 8 33 of a joint facility for electric power generation and 8 34 transmission, and for the planning, financing, 8 35 operation, and maintenance of the joint facility, and 8 36 providing for the bonding authority of electric power 8 37 agencies". 8 38 #3. By renumbering, redesignating, and correcting 8 39 internal references as necessary. 8 40 8 41 8 42 8 43 WISE of Lee 8 44 8 45 8 46 8 47 CHIODO of Polk 8 48 HF 742.319 79 8 49 nh/cf
Text: H02047 Text: H02049 Text: H02000 - H02099 Text: H Index Bills and Amendments: General Index Bill History: General Index
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