House Study Bill 302 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON ECONOMIC GROWTH AND TECHNOLOGY BILL BY CHAIRPERSON SORENSEN) A BILL FOR An Act relating to the financing of the acquisition, 1 construction, reconstruction, expansion, improvement, or 2 repair of conduit and the acquisition of associated real 3 estate interests. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 2939YC (1) 91 ll/js

H.F. _____ Section 1. Section 384.24, subsection 3, Code 2025, is 1 amended by adding the following new paragraph: 2 NEW PARAGRAPH . y. The acquisition, construction, 3 reconstruction, expansion, improvement, and repair of conduit 4 and the acquisition of real estate interests needed for such 5 purposes. 6 EXPLANATION 7 The inclusion of this explanation does not constitute agreement with 8 the explanation’s substance by the members of the general assembly. 9 This bill amends the definition of “essential corporate 10 purpose” contained in Code section 384.24 to include the 11 acquisition, construction, reconstruction, expansion, 12 improvement, and repair of conduit and the acquisition of real 13 estate interests needed for such purposes. 14 Under Code chapter 384, a city council may generally 15 contract indebtedness and approve the issuance of general 16 obligation bonds to carry out an essential corporate purpose 17 without approval by voters at an election, while the issuance 18 of general obligation bonds to carry out a general corporate 19 purpose generally requires approval by voters at election. 20 -1- LSB 2939YC (1) 91 ll/js 1/ 1