Text: H08525 Text: H08527 Text: H08500 - H08599 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 2614 as follows:
1 2 #1. Page 1, by inserting before line 1 the
1 3 following:
1 4 "DIVISION ___
1 5 DEPARTMENT OF TRANSPORTATION – BONDING
1 6 Section 1. NEW SECTION. 16.178 ROAD USE TAX
1 7 REVENUE BONDS.
1 8 1. The authority is authorized to issue bonds, in
1 9 an amount equal to the use tax receipts collected
1 10 pursuant to sections 423.7 and 423.7A during the
1 11 fiscal year beginning July 1, 2002, which are not
1 12 deposited in the road use tax fund, but are
1 13 appropriated by the Seventy-ninth general assembly
1 14 during the 2002 session, for the purposes for which
1 15 the road use tax fund may be used. Bonds may be
1 16 issued in order to fund purposes for which the road
1 17 use tax fund may be used, the payment of interest on
1 18 the bonds, the establishment of reserves to secure the
1 19 bonds, the costs of issuance of the bonds, and other
1 20 expenditures incident to or necessary or convenient to
1 21 carry out the bond issue. The bonds are investment
1 22 securities and negotiable instruments within the
1 23 meaning of and for the purposes of the uniform
1 24 commercial code.
1 25 2. The state department of transportation is
1 26 authorized to pledge an amount in the road use tax
1 27 fund equal to the amount of use tax receipts collected
1 28 pursuant to sections 423.7 and 423.7A that are
1 29 deposited in the road use tax fund pursuant to section
1 30 423.24, as security for the payment of the principal
1 31 of, premium, if any, and interest on the bonds. Bonds
1 32 issued under this section are payable solely and only
1 33 out of the use tax receipts, all of which may be
1 34 deposited with trustees or depositories in accordance
1 35 with bond or security documents, and are not an
1 36 indebtedness of this state or the authority, or a
1 37 charge against the general credit or general fund of
1 38 the state or the authority, and the state shall not be
1 39 liable for the bonds except from the use tax receipts.
1 40 Bonds issued under this section shall contain a
1 41 statement that the bonds do not constitute an
1 42 indebtedness of the state or the authority.
1 43 3. The proceeds of bonds issued by the authority
1 44 and not required for immediate disbursement may be
1 45 deposited with a trustee or depository as provided in
1 46 the bond documents and invested in any investment
1 47 approved by the authority and specified in the trust
1 48 indenture, resolution, or other instrument pursuant to
1 49 which the bonds are issued without regard to any
1 50 limitation otherwise provided by law.
2 1 4. The bonds shall be:
2 2 a. In a form, issued in denominations, executed in
2 3 a manner, and payable over terms and with rights of
2 4 redemption, and be subject to such other terms and
2 5 conditions as prescribed in the trust indenture,
2 6 resolution, or other instrument authorizing their
2 7 issuance.
2 8 b. Negotiable instruments under the laws of the
2 9 state and may be sold at prices, at public or private
2 10 sale, and in a manner, as prescribed by the authority.
2 11 Chapters 73A, 74, 74A, and 75 do not apply to the sale
2 12 or issuance of the bonds.
2 13 c. Subject to the terms, conditions, and covenants
2 14 providing for the payment of the principal, redemption
2 15 premiums, if any, interest, and other terms,
2 16 conditions, covenants, and protective provisions
2 17 safeguarding payment, not inconsistent with this
2 18 chapter and as determined by the trust indenture,
2 19 resolution, or other instrument authorizing their
2 20 issuance.
2 21 5. The bonds are securities in which public
2 22 officers and bodies of this state, political
2 23 subdivisions of this state, insurance companies and
2 24 associations and other persons carrying on an
2 25 insurance business, banks, trust companies, savings
2 26 associations, savings and loan associations, and
2 27 investment companies, administrators, guardians,
2 28 executors, trustees, and other fiduciaries, and other
2 29 persons authorized to invest in bonds or other
2 30 obligations of the state, may properly and legally
2 31 invest funds, including capital, in their control or
2 32 belonging to them.
2 33 6. Bonds must be authorized by a trust indenture,
2 34 resolution, or other instrument of the authority.
2 35 However, a trust indenture, resolution, or other
2 36 instrument authorizing the issuance of bonds may
2 37 delegate to an officer of the issuer the power to
2 38 negotiate and fix the details of an issue of bonds.
2 39 7. Neither the resolution or trust agreement, nor
2 40 any other instrument by which a pledge is created is
2 41 required to be recorded or filed under the uniform
2 42 commercial code to be valid, binding, or effective.
2 43 8. Bonds issued under this section are declared to
2 44 be issued for an essential public and governmental
2 45 purpose and all bonds issued under this section shall
2 46 be exempt from taxation by the state of Iowa and the
2 47 interest on the bonds shall be exempt from the state
2 48 income tax and the state inheritance and estate tax.
2 49 9. The authority shall cooperate with the state
2 50 department of transportation in the implementation of
3 1 this section."
3 2 #2. Title page, line 3, by inserting after the
3 3 words "first fund," the following: "providing for the
3 4 issuance of road use tax revenue bonds,".
3 5 #3. By renumbering, redesignating, and correcting
3 6 internal references as necessary.
3 7
3 8
3 9
3 10 SHOULTZ of Black Hawk
3 11 HF 2614.506 79
3 12 nh/pj
Text: H08525 Text: H08527 Text: H08500 - H08599 Text: H Index Bills and Amendments: General Index Bill History: General Index
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