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Senate File 493 - IntroducedA Bill ForAn Act 1relating to the authority of combined benefited
2recreational lake and water quality districts when issuing
3bonds.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 357E.11A, subsections 2 and 3, Code 2017,
2are amended to read as follows:
32. A combined district shall have the same powers to issue
4bonds, including both general obligation and revenue bonds,
5 that cities have under the laws of this state, including but
6not limited to chapter 76, section 384.4, and sections 384.23
7through 384.94. The bonds shall be made payable at the place
8and be of the form as the board of trustees shall by resolution
9designate. In the application of the laws to this section,
10the words used in the laws referring to municipal corporations
11or to cities shall be held to include combined districts
12organized under this chapter; the words “council” or “city
13council” shall be held to include the board of trustees of a
14combined district; the words “mayor” and “clerk” shall be held
15to include the president and clerk of a board of trustees; and
16like construction shall be given to any other words in the laws
17where required to permit the exercise of the powers by combined
18districts under this section.
193. An Except for the issuance of refunding bonds, an
20 indebtedness shall not be incurred under this section until
21authorized by an election. The election shall be held and
22notice given in the same manner as provided in section 357E.8,
23except that a proposition to authorize indebtedness is approved
24if sixty percent of those voting on the proposition vote in
25favor of the proposition. A proposition for the authorization
26of indebtedness may be submitted to the voters at the same
27election as the election under section 357E.8.
28EXPLANATION
29The inclusion of this explanation does not constitute agreement with
30the explanation’s substance by the members of the general assembly.
31This bill relates to bonding authority of a combined
32benefited recreational lake and water quality district under
33Code chapter 357E. The bill specifies that such a combined
34district has the same powers to issue bonds that a city has
35under the laws of this state, including but not limited to
-1-1Code chapter 76, Code section 384.4, and Code sections 384.23
2through 384.94. Code chapter 76, Code section 384.4, and
3Code sections 384.23 through 384.94 establish the authority,
4requirements, and limitations for cities relating to the
5issuance of bonds, including general obligation bonds, revenue
6bonds, and refunding bonds.
7The bill also excludes the issuance of refunding bonds from
8the requirement that an indebtedness shall not be incurred by a
9combined district until authorized at election.
-2-md/jh
2recreational lake and water quality districts when issuing
3bonds.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 357E.11A, subsections 2 and 3, Code 2017,
2are amended to read as follows:
32. A combined district shall have the same powers to issue
4bonds, including both general obligation and revenue bonds,
5 that cities have under the laws of this state, including but
6not limited to chapter 76, section 384.4, and sections 384.23
7through 384.94. The bonds shall be made payable at the place
8and be of the form as the board of trustees shall by resolution
9designate. In the application of the laws to this section,
10the words used in the laws referring to municipal corporations
11or to cities shall be held to include combined districts
12organized under this chapter; the words “council” or “city
13council” shall be held to include the board of trustees of a
14combined district; the words “mayor” and “clerk” shall be held
15to include the president and clerk of a board of trustees; and
16like construction shall be given to any other words in the laws
17where required to permit the exercise of the powers by combined
18districts under this section.
193. An Except for the issuance of refunding bonds, an
20 indebtedness shall not be incurred under this section until
21authorized by an election. The election shall be held and
22notice given in the same manner as provided in section 357E.8,
23except that a proposition to authorize indebtedness is approved
24if sixty percent of those voting on the proposition vote in
25favor of the proposition. A proposition for the authorization
26of indebtedness may be submitted to the voters at the same
27election as the election under section 357E.8.
28EXPLANATION
29The inclusion of this explanation does not constitute agreement with
30the explanation’s substance by the members of the general assembly.
31This bill relates to bonding authority of a combined
32benefited recreational lake and water quality district under
33Code chapter 357E. The bill specifies that such a combined
34district has the same powers to issue bonds that a city has
35under the laws of this state, including but not limited to
-1-1Code chapter 76, Code section 384.4, and Code sections 384.23
2through 384.94. Code chapter 76, Code section 384.4, and
3Code sections 384.23 through 384.94 establish the authority,
4requirements, and limitations for cities relating to the
5issuance of bonds, including general obligation bonds, revenue
6bonds, and refunding bonds.
7The bill also excludes the issuance of refunding bonds from
8the requirement that an indebtedness shall not be incurred by a
9combined district until authorized at election.
-2-md/jh