A city, county, political subdivision, or other municipal corporation shall not be required to issue its bonds to secure loans or grants under the rural community 2000 program. It is the intent of the general assembly that loans or grants received by a city, county, political subdivision, or other municipal corporation under the program shall not constitute an indebtedness of that entity within the meaning of any state constitutional provision or statutory limitation. A city, county, political subdivision, or other municipal corporation, may repay a loan received through a state funded program by a tax levied for a debt service fund under sections 331.430, subsection 2, and 384.4, subsection 2.
For purposes of this section as it relates to the traditional infrastructure category under section 15.284, "political subdivision" includes a rural water district created under chapter 357A or a nonprofit corporation created for the purpose of operating a rural water system.
88 Acts, ch 1217, § 8; 89 Acts, ch 301, § 17; 90 Acts, ch 1262, §26
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