House Journal: Page 43: Tuesday, June 19, 2001
26 c. The establishment or increase of reserves to
27 secure or to pay the public bonds or obligations or
28 interest on the public bonds or obligations.
29 d. The payment of all other costs or expenses of
30 the electric power agency incident to and necessary to
31 carry out its purposes and powers.
32 2. Notwithstanding anything in this subchapter or
33 chapter 28F to the contrary, a facility shall not be
34 financed with the proceeds of public bonds or
35 obligations, the interest on which is exempt from
36 federal income tax, unless the public issuer of such
37 public bonds or obligations covenants that the issuer
38 shall comply with the requirements or limitations
39 imposed by the Internal Revenue Code or other
40 applicable federal law to preserve the tax exemption
41 of interest payable on the bonds or obligations.
42 3. Notwithstanding anything in this subchapter or
43 chapter 28F to the contrary, an electric power
44 generating facility shall not be financed under this
45 subchapter unless all of the following conditions are
46 satisfied:
47 a. The portion of the electric power generating
48 facility financed by the electric power agency is not
49 designed to serve the electric power requirements of
50 retail customers of members that are municipal
Page 12
1 electric utilities established in the state after
2 January 1, 2001.
3 b. The electric power agency annually files with
4 the board, in a manner to be determined by the board,
5 information regarding sales from the electric power
6 generating facility in sufficient detail to determine
7 compliance with these provisions.
8 The board shall report to the general assembly if
9 any of the provisions are being violated.
10 Sec. 21. NEW SECTION. 476A.24 PUBLIC BONDS OR
11 OBLIGATIONS AUTHORIZED BY RESOLUTION OF BOARD -
12 TERMS.
13 1. The board of directors of an electric power
14 agency, by resolution, may authorize the issuance of
15 public bonds or obligations of the electric power
16 agency.
17 2. The public bonds or obligations may be issued
18 in one or more series under the resolution or under a
19 trust indenture or other security agreement.
20 3. The resolution, trust indenture, or other
21 security agreement, with respect to such public bonds
22 or obligations, shall provide for all of the
23 following:
24 a. The date on the public bonds or obligations.
© 2001 Cornell College and
League of Women Voters of Iowa
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