House Journal: Page 1541: Wednesday, April 30, 2003
42 general fund of the state, the Iowa values fund, the
43 vision Iowa fund, and the school infrastructure fund
44 in a fiscal year shall be deposited in the rebuild
45 Iowa infrastructure fund and shall be used as provided
46 in this section, notwithstanding section 8.60.
47 If the total amount of moneys directed to be
48 deposited in the general fund of the state under
49 sections 99D.17 and 99F.11 in a fiscal year is less
50 than the total amount of moneys directed to be
Page 2
1 deposited in the Iowa values fund, the vision Iowa
2 fund, and the school infrastructure fund in the fiscal
3 year pursuant to this paragraph "e", the difference
4 shall be paid from lottery revenues in the manner
5 provided in section 99E.10, subsection 3.
6 Sec. . NEW SECTION. 12.91 GENERAL AND
7 SPECIFIC BONDING POWERS - IOWA VALUES PROGRAM.
8 1. The treasurer of state may issue bonds for the
9 purpose of funding the Iowa values fund created in
10 section 15G.105. The treasurer of state shall have
11 all of the powers which are necessary to issue and
12 secure bonds and carry out the purposes of the fund.
13 The treasurer of state may issue bonds in principal
14 amounts which are necessary to provide sufficient
15 funds for the Iowa values fund, the payment of
16 interest on the bonds, the establishment of reserves
17 to secure the bonds, the costs of issuance of the
18 bonds, other expenditures of the treasurer of state
19 incident to and necessary or convenient to carry out
20 the bond issue for the fund, and all other
21 expenditures of the board necessary or convenient to
22 administer the fund. The bonds are investment
23 securities and negotiable instruments within the
24 meaning of and for purposes of the uniform commercial
25 code.
26 2. Bonds issued under this section are payable
27 solely and only out of the moneys, assets, or revenues
28 of the Iowa values fund and any bond reserve funds
29 established pursuant to section 12.92, all of which
30 may be deposited with trustees or depositories in
31 accordance with bond or security documents and pledged
32 to the payment thereof. Bonds issued under this
33 section shall contain on their face a statement that
34 the bonds do not constitute an indebtedness of the
35 state. The treasurer of state shall not pledge the
36 credit or taxing power of this state or any political
37 subdivision of the state or make bonds issued pursuant
38 to this section payable out of any moneys except those
39 in the Iowa values fund.
40 3. The proceeds of bonds issued by the treasurer
© 2003 Cornell College and
League of Women Voters of Iowa
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