House Journal: Page 1546: Wednesday, April 30, 2003
37 maintenance of the bond reserve funds, the treasurer
38 of state shall, on or before January 1 of each
39 calendar year, make and deliver to the governor the
40 treasurer of state's certificate stating the sum, if
41 any, required to restore each bond reserve fund to the
42 bond reserve fund requirement for that fund. Within
43 thirty days after the beginning of the session of the
44 general assembly next following the delivery of the
45 certificate, the governor shall submit to both houses
46 printed copies of a budget including the sum, if any,
47 required to restore each bond reserve fund to the bond
48 reserve fund requirement for that fund. Any sums
49 appropriated by the general assembly and paid to the
50 treasurer of state pursuant to this subsection shall
Page 7
1 be deposited by the treasurer of state in the
2 applicable bond reserve fund.
3 Sec. . NEW SECTION. 12.93 PLEDGES.
4 1. It is the intention of the general assembly
5 that a pledge made in respect of bonds shall be valid
6 and binding from the time the pledge is made, that the
7 moneys or property so pledged and received after the
8 pledge by the treasurer of state shall immediately be
9 subject to the lien of the pledge without physical
10 delivery or further act, and that the lien of the
11 pledge shall be valid and binding as against all
12 parties having claims of any kind in tort, contract,
13 or otherwise against the treasurer of state whether or
14 not the parties have notice of the lien.
15 2. The moneys set aside in a fund or funds pledged
16 for any series or issue of bonds shall be held for the
17 sole benefit of the series or issue separate and apart
18 from moneys pledged for another series or issue of
19 bonds of the treasurer of state. Bonds may be issued
20 in series under one or more resolutions or trust
21 indentures and may be fully open-ended, thus providing
22 for the unlimited issuance of additional series, or
23 partially open-ended, limited as to additional series.
24 Sec. . NEW SECTION. 12.94 LIMITATIONS.
25 Bonds issued pursuant to section 12.91 are not
26 debts of the state, or of any political subdivision of
27 the state, and do not constitute a pledge of the faith
28 and credit of the state or a charge against the
29 general credit or general fund of the state. The
30 issuance of any bonds pursuant to section 12.91 by the
31 treasurer of state does not directly, indirectly, or
32 contingently obligate the state or a political
33 subdivision of the state to apply moneys, or to levy
34 or pledge any form of taxation whatever, to the
35 payment of the bonds. Bonds issued under section
© 2003 Cornell College and
League of Women Voters of Iowa
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