House Journal: Page 1543: Wednesday, April 30, 2003
40 needs to be recorded or filed under the Iowa uniform
41 commercial code to be valid, binding, or effective.
42 8. Bonds issued under the provisions of this
43 section are declared to be issued for a general public
44 and governmental purpose and all bonds issued under
45 this section shall be exempt from taxation by the
46 state of Iowa and the interest on the bonds shall be
47 exempt from the state income tax and the state
48 inheritance and estate tax.
49 9. Subject to the terms of any bond documents,
50 moneys in the Iowa values fund may be expended for
Page 4
1 administration expenses.
2 10. The treasurer of state may issue bonds for the
3 purpose of refunding any bonds issued pursuant to this
4 section then outstanding, including the payment of any
5 redemption premiums thereon and any interest accrued
6 or to accrue to the date of redemption of the
7 outstanding bonds. Until the proceeds of bonds issued
8 for the purpose of refunding outstanding bonds are
9 applied to the purchase or retirement of outstanding
10 bonds or the redemption of outstanding bonds, the
11 proceeds may be placed in escrow and be invested and
12 reinvested in accordance with the provisions of this
13 section. The interest, income, and profits earned or
14 realized on an investment may also be applied to the
15 payment of the outstanding bonds to be refunded by
16 purchase, retirement, or redemption. After the terms
17 of the escrow have been fully satisfied and carried
18 out, any balance of proceeds and interest earned or
19 realized on the investments may be returned to the
20 treasurer of state for deposit in the Iowa values fund
21 established in section 15G.105. All refunding bonds
22 shall be issued and secured and subject to the
23 provisions of this chapter in the same manner and to
24 the same extent as other bonds issued pursuant to this
25 section.
26 11. The treasurer of state shall have all of the
27 powers which are necessary to issue and secure bonds,
28 including but not limited to the power to procure
29 insurance, other credit enhancements, and other
30 financing arrangements, and to execute instruments and
31 contracts and to enter into agreements convenient or
32 necessary to facilitate financing arrangements with
33 respect to the bonds and to carry out the purposes of
34 the fund, including but not limited to such
35 arrangements, instruments, contracts, and agreements
36 as municipal bond insurance, self-insurance or
37 liquidity trusts, accounts, pools or other
38 arrangements, liquidity facilities or covenants,
© 2003 Cornell College and
League of Women Voters of Iowa
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