Text: S03685 Text: S03687 Text: S03600 - S03699 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 577, as amended, passed, and
1 2 reprinted by the House, as follows:
1 3 #1. By striking everything after the enacting
1 4 clause and inserting the following:
1 5 "Section 1. NEW SECTION. 476A.20 DEFINITIONS.
1 6 For purposes of this subchapter, unless the context
1 7 otherwise requires:
1 8 1. "Electric power agency" means an entity as
1 9 defined in section 28F.2.
1 10 2. "Facility" means an electric power generating
1 11 plant, or transmission line or system, as defined in
1 12 section 476A.1.
1 13 3. "Public bond or obligation" means an obligation
1 14 as defined in section 76.14.
1 15 Sec. 2. NEW SECTION. 476A.21 ELECTRIC POWER
1 16 AGENCY – GENERAL AUTHORITY.
1 17 In addition to other powers conferred upon an
1 18 electric power agency by chapter 28F or other
1 19 applicable law, an electric power agency may enter
1 20 into and carry out joint agreements with other
1 21 participants for the acquisition of ownership of a
1 22 joint facility and for the planning, financing,
1 23 operation, and maintenance of the joint facility, as
1 24 provided in this subchapter.
1 25 Sec. 3. NEW SECTION. 476A.22 ELECTRIC POWER
1 26 AGENCY – AUTHORITY – CONFLICTING PROVISIONS.
1 27 1. In addition to any powers conferred upon an
1 28 electric power agency under chapter 28F or other
1 29 applicable law, an electric power agency may exercise
1 30 all other powers reasonably necessary or appropriate
1 31 for or incidental to the effectuation of the electric
1 32 power agency's authorized purposes, including without
1 33 limitation, the powers enumerated in chapters 6A and
1 34 6B for purposes of constructing or acquiring an
1 35 electric power facility.
1 36 2. An electric power agency, in connection with
1 37 its property and affairs, and in connection with
1 38 property within its control, may exercise any and all
1 39 powers that might be exercised by a natural person or
1 40 a private corporation in connection with similar
1 41 property and affairs.
1 42 3. The enumeration of specified powers and
1 43 functions of an electric power agency in this
1 44 subchapter is not a limitation of the powers of an
1 45 electric power agency, but the procedures prescribed
1 46 for exercising the powers and functions enumerated in
1 47 this subchapter control and govern in the event of any
1 48 conflict with any other provision of law.
1 49 4. The authority conferred pursuant to this
1 50 subchapter applies to electric power agencies,
2 1 notwithstanding any contrary provisions of section
2 2 28F.1.
2 3 Sec. 4. NEW SECTION. 476A.23 ISSUANCE OF PUBLIC
2 4 BONDS OR OBLIGATIONS – PURPOSES – LIMITATIONS.
2 5 1. An electric power agency may from time to time
2 6 issue its public bonds or obligations in such
2 7 principal amounts as the electric power agency deems
2 8 necessary to provide sufficient funds to carry out any
2 9 of its purposes and powers, including but not limited
2 10 to any of the following:
2 11 a. The acquisition or construction of any project
2 12 to be owned or leased by the electric power agency, or
2 13 the acquisition of any interest in such project or any
2 14 right to the capacity of such project, including the
2 15 acquisition, construction, or acquisition of any
2 16 interest in an electric power generating plant to be
2 17 constructed in this state, or the acquisition,
2 18 construction, or acquisition of any interest in a
2 19 transmission line or system.
2 20 b. The funding or refunding of the principal of,
2 21 or interest or redemption premiums on, any public
2 22 bonds or obligations issued by the electric power
2 23 agency whether or not the public bonds or obligations
2 24 or interest to be funded or refunded have become due.
2 25 c. The establishment or increase of reserves to
2 26 secure or to pay the public bonds or obligations or
2 27 interest on the public bonds or obligations.
2 28 d. The payment of all other costs or expenses of
2 29 the electric power agency incident to and necessary to
2 30 carry out its purposes and powers.
2 31 2. Notwithstanding anything in this subchapter or
2 32 chapter 28F to the contrary, a facility shall not be
2 33 financed with the proceeds of public bonds or
2 34 obligations, the interest on which is exempt from
2 35 federal income tax, unless the public issuer of such
2 36 public bonds or obligations covenants that the issuer
2 37 shall comply with the requirements or limitations
2 38 imposed by the Internal Revenue Code or other
2 39 applicable federal law to preserve the tax exemption
2 40 of interest payable on the bonds or obligations.
2 41 3. Notwithstanding anything in this subchapter or
2 42 chapter 28F to the contrary, an electric power
2 43 generating facility shall not be financed under this
2 44 subchapter unless all of the following conditions are
2 45 satisfied:
2 46 a. The electric power generating facility is
2 47 designed to serve only the electric power requirements
2 48 of retail customers of members that were municipal
2 49 electric utilities established in the state prior to
2 50 January 1, 2001.
3 1 b. The electric power agency annually files with
3 2 the board, in a manner to be determined by the board,
3 3 information regarding sales from the electric power
3 4 generating facility in sufficient detail to determine
3 5 compliance with these provisions.
3 6 The board shall report to the general assembly if
3 7 any of the provisions are being violated.
3 8 Sec. 5. NEW SECTION. 476A.24 PUBLIC BONDS OR
3 9 OBLIGATIONS AUTHORIZED BY RESOLUTION OF BOARD –
3 10 TERMS.
3 11 1. The board of directors of an electric power
3 12 agency, by resolution, may authorize the issuance of
3 13 public bonds or obligations of the electric power
3 14 agency.
3 15 2. The public bonds or obligations may be issued
3 16 in one or more series under the resolution or under a
3 17 trust indenture or other security agreement.
3 18 3. The resolution, trust indenture, or other
3 19 security agreement, with respect to such public bonds
3 20 or obligations, shall provide for all of the
3 21 following:
3 22 a. The date on the public bonds or obligations.
3 23 b. The time of maturity.
3 24 c. The rate of interest.
3 25 d. The denomination.
3 26 e. The form, either coupon or registered.
3 27 f. The conversion, registration, and exchange
3 28 privileges.
3 29 g. The rank or priority.
3 30 h. The manner of execution.
3 31 i. The medium of payment, including the place of
3 32 payment, either within or outside of the state.
3 33 j. The terms of redemption, either with or without
3 34 premium.
3 35 k. Such other terms and conditions as set forth by
3 36 the board in the resolution, trust indenture, or other
3 37 security agreement.
3 38 4. Public bonds or obligations authorized by the
3 39 board of directors shall not be subject to any
3 40 restriction under other law with respect to the
3 41 amount, maturity, interest rate, or other terms of
3 42 obligation of a public agency or private person.
3 43 5. Chapter 75 shall not apply to public bonds or
3 44 obligations authorized by the board of directors as
3 45 provided in this section.
3 46 Sec. 6. NEW SECTION. 476A.25 PUBLIC BONDS OR
3 47 OBLIGATIONS PAYABLE SOLELY FROM AGENCY REVENUES OR
3 48 FUNDS.
3 49 1. The principal of and interest on any public
3 50 bonds or obligations issued by an electric power
4 1 agency shall be payable solely from the revenues or
4 2 funds pledged or available for their payment as
4 3 authorized in this subchapter.
4 4 2. Each public bond or obligation shall contain
4 5 all of the following terms:
4 6 a. That the principal of or interest on such
4 7 public bonds or obligation is payable solely from
4 8 revenues or funds of the electric power agency.
4 9 b. That neither the state or a political
4 10 subdivision of the state other than the electric power
4 11 agency, nor a public agency that is a member of the
4 12 electric power agency is obligated to pay the
4 13 principal or interest on such public bonds or
4 14 obligations.
4 15 c. That neither the full faith and credit nor the
4 16 taxing power of the state, of any political
4 17 subdivision of the state, or of any such public agency
4 18 is pledged to the payment of the principal of or the
4 19 interest on the public bonds or obligations.
4 20 Sec. 7. NEW SECTION. 476A.26 PUBLIC BONDS OR
4 21 OBLIGATIONS – TYPES – SOURCES FOR PAYMENT –
4 22 SECURITY.
4 23 1. Except as otherwise expressly provided by this
4 24 subchapter or by the electric power agency, every
4 25 issue of public bonds or obligations of the electric
4 26 power agency shall be payable out of any revenues or
4 27 funds of the electric power agency, subject only to
4 28 any agreements with the holders of particular public
4 29 bonds or obligations pledging any particular revenues
4 30 or funds.
4 31 2. An electric power agency may issue types of
4 32 public bonds or obligations as it may determine,
4 33 including public bonds or obligations as to which the
4 34 principal and interest are payable exclusively from
4 35 the revenues from one or more projects, or from an
4 36 interest in such project or projects, or a right to
4 37 capacity of such project or projects, or from any
4 38 revenue-producing contract made by the electric power
4 39 agency with any person, or from its revenues
4 40 generally.
4 41 3. Any public bonds or obligations may be
4 42 additionally secured by a pledge of any grant,
4 43 subsidy, or contribution from any public agency or
4 44 other person, or a pledge of any income or revenues,
4 45 funds, or moneys of the electric power agency from any
4 46 other source.
4 47 Sec. 8. NEW SECTION. 476A.27 PUBLIC BONDS OR
4 48 OBLIGATIONS AND RATES FOR DEBT SERVICE NOT SUBJECT TO
4 49 STATE APPROVAL.
4 50 Public bonds or obligations of an electric power
5 1 agency may be issued under this subchapter, and rents,
5 2 rates, and charges may be established in the same
5 3 manner as provided in section 28F.5 and pledged for
5 4 the security of public bonds or obligations and
5 5 interest and redemption premiums on such public bonds
5 6 or obligations, without obtaining the consent of any
5 7 department, division, commission, board, bureau, or
5 8 agency of the state and without any other proceeding
5 9 or the happening of any other condition or occurrence,
5 10 except as specifically required by this subchapter.
5 11 Sec. 9. NEW SECTION. 476A.28 PUBLIC BONDS OR
5 12 OBLIGATIONS TO BE NEGOTIABLE.
5 13 All public bonds or obligations of an electric
5 14 power agency shall be negotiable within the meaning
5 15 and for all of the purposes of the uniform commercial
5 16 code, chapter 554, subject only to the registration
5 17 requirement of section 76.10.
5 18 Sec. 10. NEW SECTION. 476A.29 VALIDITY OF PUBLIC
5 19 BONDS OR OBLIGATIONS AT DELIVERY – TEMPORARY BONDS.
5 20 1. Any public bonds or obligations may be issued
5 21 and delivered, notwithstanding that one or more of the
5 22 officers executing them shall have ceased to hold
5 23 office at the time when the public bonds or
5 24 obligations are actually delivered.
5 25 2. Pending preparation of definitive bonds or
5 26 obligations, an electric power agency may issue
5 27 temporary bonds or obligations that shall be exchanged
5 28 for the definitive bonds or obligations upon their
5 29 issuance.
5 30 Sec. 11. NEW SECTION. 476A.30 PUBLIC OR PRIVATE
5 31 SALE OF BONDS AND NOTES.
5 32 Public bonds or obligations of an electric power
5 33 agency may be sold at public or private sale for a
5 34 price and in a manner determined by the electric power
5 35 agency.
5 36 Sec. 12. NEW SECTION. 476A.31 PUBLIC BONDS OR
5 37 OBLIGATIONS AS SUITABLE INVESTMENTS FOR GOVERNMENTAL
5 38 UNITS, FINANCIAL INSTITUTIONS, AND FIDUCIARIES.
5 39 The following persons may legally invest any debt
5 40 service funds, money, or other funds belonging to such
5 41 person or within such person's control in any public
5 42 bonds or obligations issued pursuant to this
5 43 subchapter:
5 44 1. A bank, trust company, savings association,
5 45 building and loan association, savings and loan
5 46 association, or investment company.
5 47 2. An insurance company, insurance association, or
5 48 any other person carrying on an insurance business.
5 49 3. An executor, administrator, conservator,
5 50 trustee, or other fiduciary.
6 1 4. Any other person authorized to invest in bonds
6 2 or obligations of the state.
6 3 Sec. 13. NEW SECTION. 476A.32 RESOLUTION, TRUST
6 4 INDENTURE, OR SECURITY AGREEMENT CONSTITUTES CONTRACT
6 5 – PROVISIONS.
6 6 The resolution, trust indenture, or other security
6 7 agreement under which any public bonds or obligations
6 8 are issued shall constitute a contract with the
6 9 holders of the public bonds or obligations, and may
6 10 contain provisions, among others, prescribing any of
6 11 the following terms:
6 12 1. The terms and provisions of the public bonds or
6 13 obligations.
6 14 2. The mortgage or pledge of and the grant of a
6 15 security interest in any real or personal property and
6 16 all or any part of the revenue from any project or any
6 17 revenue producing contract made by the electric power
6 18 agency with any person to secure the payment of public
6 19 bonds or obligations, subject to any agreements with
6 20 the holders of public bonds or obligations which might
6 21 then exist.
6 22 3. The custody, collection, securing, investment,
6 23 and payment of any revenues, assets, money, funds, or
6 24 property with respect to which the electric power
6 25 agency may have any rights or interest.
6 26 4. The rates or charges for electric energy sold
6 27 by, or services rendered by, the electric power
6 28 agency, the amount to be raised by the rates or
6 29 charges, and the use and disposition of any or all
6 30 revenue.
6 31 5. The creation of reserves or debt service funds
6 32 and the regulation and disposition of such reserves or
6 33 funds.
6 34 6. The purposes to which the proceeds from the
6 35 sale of any public bonds or obligations to be issued
6 36 may be applied, and the pledge of the proceeds to
6 37 secure the payment of the public bonds or obligations.
6 38 7. Limitations on the issuance of any additional
6 39 public bonds or obligations, the terms upon which
6 40 additional public bonds or obligations may be issued
6 41 and secured, and the refunding of outstanding public
6 42 bonds or obligations.
6 43 8. The rank or priority of any public bonds or
6 44 obligations with respect to any lien or security.
6 45 9. The creation of special funds or moneys to be
6 46 held for operating expenses, payment, or redemption of
6 47 public bonds or obligations, reserves or other
6 48 purposes, and the use and disposition of moneys held
6 49 in these funds.
6 50 10. The procedure by which the terms of any
7 1 contract with or for the benefit of the holders of
7 2 public bonds or obligations may be amended or
7 3 abrogated, the amount of public bonds or obligations
7 4 the holders of which must consent to such amendment or
7 5 abrogation, and the manner in which consent may be
7 6 given.
7 7 11. The definition of the acts or omissions to act
7 8 that constitute a default in the duties of the
7 9 electric power agency to holders of its public bonds
7 10 or obligations, and the rights and remedies of the
7 11 holders in the event of default including, if the
7 12 electric power agency so determines, the right to
7 13 accelerate the date of the maturation of the public
7 14 bonds or obligations or the right to appoint a
7 15 receiver or receivers of the property or revenues
7 16 subject to the lien of the resolution, trust
7 17 indenture, or other security agreement.
7 18 12. Any other or additional agreements with or for
7 19 the benefit of the holders of public bonds or
7 20 obligations or any covenants or restrictions necessary
7 21 or desirable to safeguard the interests of the
7 22 holders.
7 23 13. The custody of any of the electric power
7 24 agency's property or investments, the safekeeping of
7 25 such property or investments, the insurance to be
7 26 carried on such property or investments, and the use
7 27 and disposition of insurance proceeds.
7 28 14. The vesting in a trustee or trustees, within
7 29 or outside the state, of such property, rights,
7 30 powers, and duties as the electric power agency may
7 31 determine; or the limiting or abrogating of the rights
7 32 of the holders of any public bonds or obligations to
7 33 appoint a trustee, or the limiting of the rights,
7 34 powers, and duties of such trustee.
7 35 15. The appointment of and the establishment of
7 36 the duties and obligations of any paying agent or
7 37 other fiduciary within or outside the state.
7 38 Sec. 14. NEW SECTION. 476A.33 MORTGAGE OR TRUST
7 39 DEED TO SECURE BONDS.
7 40 For the security of public bonds or obligations
7 41 issued or to be issued by an electric power agency,
7 42 the electric power agency may mortgage or execute
7 43 deeds of trust of the whole or any part of its
7 44 property.
7 45 Sec. 15. NEW SECTION. 476A.34 NO PERSONAL
7 46 LIABILITY ON PUBLIC BONDS OR OBLIGATIONS.
7 47 An official, director, member of an electric power
7 48 agency, or any person executing public bonds or
7 49 obligations shall not be liable personally on the
7 50 public bonds or obligations or be subject to any
8 1 personal liability or accountability by reason of the
8 2 issuance of such public bonds or obligations.
8 3 Sec. 16. NEW SECTION. 476A.35 REPURCHASE OF
8 4 SECURITIES.
8 5 An electric power agency may purchase public bonds
8 6 or obligations out of any funds available for such
8 7 purchase, and hold, pledge, cancel, or resell the
8 8 public bonds or obligations, subject to and in
8 9 accordance with any agreements with the holders.
8 10 Sec. 17. NEW SECTION. 476A.36 PLEDGE OF REVENUE
8 11 AS SECURITY.
8 12 An electric power agency may pledge its rates,
8 13 rents, and other revenues, or any part of such rates,
8 14 rents, and revenues, as security for the repayment,
8 15 with interest and redemption premiums, if any, of the
8 16 moneys borrowed by the electric power agency or
8 17 advanced to the electric power agency for any of its
8 18 authorized purposes and as security for the payment of
8 19 moneys due and owed by the electric power agency under
8 20 any contract.
8 21 Sec. 18. CODE EDITOR DIRECTIVE. The Code editor
8 22 shall change references to "this chapter" in sections
8 23 476A.1 through 476A.15 as necessary and appropriate to
8 24 reflect the addition of the new subchapter to chapter
8 25 476A as a result of this Act."
8 26 #2. Title page, by striking lines 1 through 11 and
8 27 inserting the following: "An Act providing for joint
8 28 agreements for the acquisition of ownership of a joint
8 29 facility for electric power generation and
8 30 transmission, and for the planning, financing,
8 31 operation, and maintenance of the joint facility, and
8 32 providing for the bonding authority of electric power
8 33 agencies."
8 34
8 35
8 36
8 37 MICHAEL E. GRONSTAL
8 38 STEVEN D. HANSEN
8 39 BETTY A. SOUKUP
8 40 JOHN P. KIBBIE
8 41 JACK HOLVECK
8 42 JOHNIE HAMMOND
8 43 PATRICIA HARPER
8 44 BILL FINK
8 45 JOE BOLKCOM
8 46 MIKE CONNOLLY
8 47 MATT McCOY
8 48 PATRICK J. DELUHERY
8 49 TOM FLYNN
8 50 EUGENE S. FRAISE
9 1 WALLY E. HORN
9 2 HF 577.228 79
9 3 jj/gg
Text: S03685 Text: S03687 Text: S03600 - S03699 Text: S Index Bills and Amendments: General Index Bill History: General Index
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