House Journal: Page 45: Tuesday, June 19, 2001
24 SECURITY.
25 1. Except as otherwise expressly provided by this
26 subchapter or by the electric power agency, every
27 issue of public bonds or obligations of the electric
28 power agency shall be payable out of any revenues or
29 funds of the electric power agency, subject only to
30 any agreements with the holders of particular public
31 bonds or obligations pledging any particular revenues
32 or funds.
33 2. An electric power agency may issue types of
34 public bonds or obligations as it may determine,
35 including public bonds or obligations as to which the
36 principal and interest are payable exclusively from
37 the revenues from one or more projects, or from an
38 interest in such project or projects, or a right to
39 capacity of such project or projects, or from any
40 revenue-producing contract made by the electric power
41 agency with any person, or from its revenues
42 generally.
43 3. Any public bonds or obligations may be
44 additionally secured by a pledge of any grant,
45 subsidy, or contribution from any public agency or
46 other person, or a pledge of any income or revenues,
47 funds, or moneys of the electric power agency from any
48 other source.
49 Sec. 24. NEW SECTION. 476A.27 PUBLIC BONDS OR
50 OBLIGATIONS AND RATES FOR DEBT SERVICE NOT SUBJECT TO
Page 14
1 STATE APPROVAL.
2 Public bonds or obligations of an electric power
3 agency may be issued under this subchapter, and rents,
4 rates, and charges may be established in the same
5 manner as provided in section 28F.5 and pledged for
6 the security of public bonds or obligations and
7 interest and redemption premiums on such public bonds
8 or obligations, without obtaining the consent of any
9 department, division, commission, board, bureau, or
10 agency of the state and without any other proceeding
11 or the happening of any other condition or occurrence,
12 except as specifically required by this subchapter.
13 Sec. 25. NEW SECTION. 476A.28 PUBLIC BONDS OR
14 OBLIGATIONS TO BE NEGOTIABLE.
15 All public bonds or obligations of an electric
16 power agency shall be negotiable within the meaning
17 and for all of the purposes of the uniform commercial
18 code, chapter 554, subject only to the registration
19 requirement of section 76.10.
20 Sec. 26. NEW SECTION. 476A.29 VALIDITY OF PUBLIC
21 BONDS OR OBLIGATIONS AT DELIVERY - TEMPORARY BONDS.
22 1. Any public bonds or obligations may be issued
© 2001 Cornell College and
League of Women Voters of Iowa
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