SF 82 (LSB 1220XS (5) 91)

SENATE FILE 82

BY  SALMON

A BILL FOR

An Act relating to elections for bonds issued by a school district in anticipation of revenue.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 423F.4, subsection 2, paragraphs a and b, Code 2025, are amended to read as follows:
   a.  Bonds issued on or after July 1, 2019, shall not be sold at public sale as provided in chapter 75, or at a private sale, without notice and hearing. Notice of the time and place of the public hearing shall be published not less than ten nor more than twenty days before the public hearing in a newspaper which is a newspaper of general circulation in the school district.
   b.  For bonds subject to the requirements of paragraph “a” for the amount of five million dollars or more, or if at any time prior to the fifteenth day following the hearing, held under paragraph “a” the secretary of the board of directors receives a petition containing the required number of signatures and asking that the question of the issuance of such bonds a bond for the amount of less than five million dollars be submitted to the voters of the school district, the board shall either rescind its adoption of the resolution or direct the county commissioner of elections to submit the question to the registered voters of the school district at an election held on the date specified in section 39.2, subsection 4, paragraph “d”. The petition must be signed by eligible electors equal in number to not less than one hundred or thirty percent of the number of voters at the last preceding election of school officials under section 277.1, whichever is greater. If the board submits the question at an election and a majority sixty percent of those voting on the question favors issuance of the bonds, the board shall be authorized to issue the 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 elections for bonds issued by a school district in anticipation of revenues from the secure an advanced vision for education (SAVE) fund. The bill requires a school district to submit the question of the issuance of such bonds to the voters of the school district prior to issuing the bond if the bond is for the amount of $5 million or more. Under current law, such bonds are only subject to an election upon the receipt of a petition requesting that the question of the bond be submitted to the voters of the school district. The bill also requires all such bonds submitted to voters to receive the approval of 60 percent of the voters voting on the question of the issuance of the bond. An election for a bond issued in anticipation of revenues from the SAVE fund is subject to the notice requirements of Code section 39.5.