HF 101 (LSB 1262YH (3) 91)

HOUSE FILE 101

BY  MEGGERS

A BILL FOR

An Act relating to the sale of bonds by limiting the amount offered for sale.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  75.1A  Bond issuance —— limitation.
   For projects for which a proposition to issue bonds was approved at an election held after July 1, 2025, the total amount of bonds issued for the project under any provision of law shall not exceed an amount equal to eighty percent of the total cost of the project. The remaining costs of the project shall be funded from sources other than from the sale of bonds. 
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to the sale of bonds by limiting the amount offered for sale for certain projects. Under the bill, for projects for which a proposition to issue bonds was approved at an election held after July 1, 2025, the total amount of bonds issued for the project under any provision of law shall not exceed an amount equal to 80 percent of the total cost of the project. The remaining costs of the project shall be funded from sources other than from the sale of bonds.