House Journal: Page 48: Tuesday, June 19, 2001
21 the benefit of the holders of public bonds or
22 obligations or any covenants or restrictions necessary
23 or desirable to safeguard the interests of the
24 holders.
25 13. The custody of any of the electric power
26 agency's property or investments, the safekeeping of
27 such property or investments, the insurance to be
28 carried on such property or investments, and the use
29 and disposition of insurance proceeds.
30 14. The vesting in a trustee or trustees, within
31 or outside the state, of such property, rights,
32 powers, and duties as the electric power agency may
33 determine; or the limiting or abrogating of the rights
34 of the holders of any public bonds or obligations to
35 appoint a trustee, or the limiting of the rights,
36 powers, and duties of such trustee.
37 15. The appointment of and the establishment of
38 the duties and obligations of any paying agent or
39 other fiduciary within or outside the state.
40 Sec. 30. NEW SECTION. 476A.33 MORTGAGE OR TRUST
41 DEED TO SECURE BONDS.
42 For the security of public bonds or obligations
43 issued or to be issued by an electric power agency,
44 the electric power agency may mortgage or execute
45 deeds of trust of the whole or any part of its
46 property.
47 Sec. 31. NEW SECTION. 476A.34 NO PERSONAL
48 LIABILITY ON PUBLIC BONDS OR OBLIGATIONS.
49 An official, director, member of an electric power
50 agency, or any person executing public bonds or
Page 17
1 obligations shall not be liable personally on the
2 public bonds or obligations or be subject to any
3 personal liability or accountability by reason of the
4 issuance of such public bonds or obligations.
5 Sec. 32. NEW SECTION. 476A.35 REPURCHASE OF
6 SECURITIES.
7 An electric power agency may purchase public bonds
8 or obligations out of any funds available for such
9 purchase, and hold, pledge, cancel, or resell the
10 public bonds or obligations, subject to and in
11 accordance with any agreements with the holders.
12 Sec. 33. NEW SECTION. 476A.36 PLEDGE OF REVENUE
13 AS SECURITY.
14 An electric power agency may pledge its rates,
15 rents, and other revenues, or any part of such rates,
16 rents, and revenues, as security for the repayment,
17 with interest and redemption premiums, if any, of the
18 moneys borrowed by the electric power agency or
19 advanced to the electric power agency for any of its
© 2001 Cornell College and
League of Women Voters of Iowa
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