Senate
Study
Bill
1125
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
FEENSTRA)
A
BILL
FOR
An
Act
relating
to
the
authority
of
combined
benefited
1
recreational
lake
and
water
quality
districts
when
issuing
2
bonds.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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_____
Section
1.
Section
357E.11A,
subsections
2
and
3,
Code
2017,
1
are
amended
to
read
as
follows:
2
2.
A
combined
district
shall
have
the
same
powers
to
issue
3
bonds
,
including
both
general
obligation
and
revenue
bonds,
4
that
cities
have
under
the
laws
of
this
state,
including
but
5
not
limited
to
chapter
76
,
section
384.4
,
and
sections
384.23
6
through
384.94
.
The
bonds
shall
be
made
payable
at
the
place
7
and
be
of
the
form
as
the
board
of
trustees
shall
by
resolution
8
designate.
In
the
application
of
the
laws
to
this
section
,
9
the
words
used
in
the
laws
referring
to
municipal
corporations
10
or
to
cities
shall
be
held
to
include
combined
districts
11
organized
under
this
chapter
;
the
words
“council”
or
“city
12
council”
shall
be
held
to
include
the
board
of
trustees
of
a
13
combined
district;
the
words
“mayor”
and
“clerk”
shall
be
held
14
to
include
the
president
and
clerk
of
a
board
of
trustees;
and
15
like
construction
shall
be
given
to
any
other
words
in
the
laws
16
where
required
to
permit
the
exercise
of
the
powers
by
combined
17
districts
under
this
section
.
18
3.
An
Except
for
the
issuance
of
refunding
bonds,
an
19
indebtedness
shall
not
be
incurred
under
this
section
until
20
authorized
by
an
election.
The
election
shall
be
held
and
21
notice
given
in
the
same
manner
as
provided
in
section
357E.8
,
22
except
that
a
proposition
to
authorize
indebtedness
is
approved
23
if
sixty
percent
of
those
voting
on
the
proposition
vote
in
24
favor
of
the
proposition.
A
proposition
for
the
authorization
25
of
indebtedness
may
be
submitted
to
the
voters
at
the
same
26
election
as
the
election
under
section
357E.8
.
27
EXPLANATION
28
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
29
the
explanation’s
substance
by
the
members
of
the
general
assembly.
30
This
bill
relates
to
bonding
authority
of
a
combined
31
benefited
recreational
lake
and
water
quality
district
under
32
Code
chapter
357E.
The
bill
specifies
that
such
a
combined
33
district
has
the
same
powers
to
issue
bonds
that
a
city
has
34
under
the
laws
of
this
state,
including
but
not
limited
to
35
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_____
Code
chapter
76,
Code
section
384.4,
and
Code
sections
384.23
1
through
384.94.
Code
chapter
76,
Code
section
384.4,
and
2
Code
sections
384.23
through
384.94
establish
the
authority,
3
requirements,
and
limitations
for
cities
relating
to
the
4
issuance
of
bonds,
including
general
obligation
bonds,
revenue
5
bonds,
and
refunding
bonds.
6
The
bill
also
excludes
the
issuance
of
refunding
bonds
from
7
the
requirement
that
an
indebtedness
shall
not
be
incurred
by
a
8
combined
district
until
authorized
at
election.
9
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