HSB 302 (LSB 2939YC (1) 91)

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, construction, reconstruction, expansion, improvement, or repair of conduit and the acquisition of associated real estate interests.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 384.24, subsection 3, Code 2025, is amended by adding the following new paragraph:
   NEW PARAGRAPH.  y.  The acquisition, construction, reconstruction, expansion, improvement, and repair of conduit and the acquisition of real estate interests needed for such purposes.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill amends the definition of “essential corporate purpose” contained in Code section 384.24 to include the acquisition, construction, reconstruction, expansion, improvement, and repair of conduit and the acquisition of real estate interests needed for such purposes.
   Under Code chapter 384, a city council may generally contract indebtedness and approve the issuance of general obligation bonds to carry out an essential corporate purpose without approval by voters at an election, while the issuance of general obligation bonds to carry out a general corporate purpose generally requires approval by voters at election.