House Journal: Page 46: Tuesday, June 19, 2001
23 and delivered, notwithstanding that one or more of the
24 officers executing them shall have ceased to hold
25 office at the time when the public bonds or
26 obligations are actually delivered.
27 2. Pending preparation of definitive bonds or
28 obligations, an electric power agency may issue
29 temporary bonds or obligations that shall be exchanged
30 for the definitive bonds or obligations upon their
31 issuance.
32 Sec. 27. NEW SECTION. 476A.30 PUBLIC OR PRIVATE
33 SALE OF BONDS AND NOTES.
34 Public bonds or obligations of an electric power
35 agency may be sold at public or private sale for a
36 price and in a manner determined by the electric power
37 agency.
38 Sec. 28. NEW SECTION. 476A.31 PUBLIC BONDS OR
39 OBLIGATIONS AS SUITABLE INVESTMENTS FOR GOVERNMENTAL
40 UNITS, FINANCIAL INSTITUTIONS, AND FIDUCIARIES.
41 The following persons may legally invest any debt
42 service funds, money, or other funds belonging to such
43 person or within such person's control in any public
44 bonds or obligations issued pursuant to this
45 subchapter:
46 1. A bank, trust company, savings association,
47 building and loan association, savings and loan
48 association, or investment company.
49 2. An insurance company, insurance association, or
50 any other person carrying on an insurance business.
Page 15
1 3. An executor, administrator, conservator,
2 trustee, or other fiduciary.
3 4. Any other person authorized to invest in bonds
4 or obligations of the state.
5 Sec. 29. NEW SECTION. 476A.32 RESOLUTION, TRUST
6 INDENTURE, OR SECURITY AGREEMENT CONSTITUTES CONTRACT
7 - PROVISIONS.
8 The resolution, trust indenture, or other security
9 agreement under which any public bonds or obligations
10 are issued shall constitute a contract with the
11 holders of the public bonds or obligations, and may
12 contain provisions, among others, prescribing any of
13 the following terms:
14 1. The terms and provisions of the public bonds or
15 obligations.
16 2. The mortgage or pledge of and the grant of a
17 security interest in any real or personal property and
18 all or any part of the revenue from any project or any
19 revenue producing contract made by the electric power
20 agency with any person to secure the payment of public
21 bonds or obligations, subject to any agreements with
© 2001 Cornell College and
League of Women Voters of Iowa
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