House Journal: Page 1544: Wednesday, April 30, 2003
39 letters of credit, and interest rate agreements.
40 12. For purposes of this section and sections
41 12.92 through 12.95, the term "bonds" means bonds,
42 notes, and other obligations and financing
43 arrangements issued or entered into by the treasurer
44 of state and the term "interest rate agreement" means
45 an interest rate swap or exchange agreement, an
46 agreement establishing an interest rate floor or
47 ceiling or both, or any similar agreement. Any such
48 agreement may include the option to enter into or
49 cancel the agreement or to reverse or extend the
50 agreement.
Page 5
1 Sec. . NEW SECTION. 12.92 IOWA VALUES FUND
2 ACCOUNTS AND RESERVE FUNDS.
3 1. The treasurer of state shall establish such
4 accounts within the Iowa values fund created in
5 section 15G.105 as may be appropriate, including debt
6 service accounts for the purpose of paying the
7 principal of, redemption premium, if any, and interest
8 on bonds payable therefrom. Moneys in the debt
9 service accounts shall not be subject to appropriation
10 for any other purpose by the general assembly, but
11 shall be used only for the purposes of paying the
12 principal of, redemption premium, if any, and interest
13 on the bonds payable therefrom.
14 2. Revenue for the Iowa values fund shall include,
15 but is not limited to, the following, which shall be
16 deposited with the treasurer of state or its designee
17 as provided by any bond or security documents and
18 credited to the debt service account:
19 a. The proceeds of bonds issued to capitalize and
20 pay the costs of the fund and investment earnings on
21 the proceeds.
22 b. Interest attributable to investment of moneys
23 in the fund or an account of the fund.
24 c. Moneys in the form of a devise, gift, bequest,
25 donation, federal or other grant, reimbursement,
26 repayment, judgment, transfer, payment, or
27 appropriation from any source intended to be used for
28 the purposes of the fund or account.
29 3. a. The treasurer of state may create and
30 establish one or more special funds, to be known as
31 "bond reserve funds", to secure one or more issues of
32 bonds issued pursuant to section 12.91. The treasurer
33 of state shall pay into each bond reserve fund any
34 moneys appropriated and made available by the state or
35 treasurer of state for the purpose of the fund, any
36 proceeds of sale of bonds to the extent provided in
37 the resolutions or trust indentures authorizing their
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