Bill Text: IA SF493 | 2017-2018 | 87th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: A bill for an act relating to the authority of combined benefited recreational lake and water quality districts when issuing bonds. (Formerly SSB 1125.) Effective 7-1-17.

Spectrum: Committee Bill

Status: (Passed) 2017-04-20 - Signed by Governor. S.J. 1113. [SF493 Detail]

Download: Iowa-2017-SF493-Introduced.html

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Senate File 493 - Introduced




                                 SENATE FILE       
                                 BY  COMMITTEE ON WAYS AND
                                     MEANS

                                 (SUCCESSOR TO SSB
                                     1125)

                                      A BILL FOR

  1 An Act relating to the authority of combined benefited
  2    recreational lake and water quality districts when issuing
  3    bonds.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 2451SV (2) 87
    md/jh

PAG LIN



  1  1    Section 1.  Section 357E.11A, subsections 2 and 3, Code 2017,
  1  2 are amended to read as follows:
  1  3    2.  A combined district shall have the same powers to issue
  1  4 bonds, including both general obligation and revenue bonds,
  1  5  that cities have under the laws of this state, including but
  1  6 not limited to chapter 76, section 384.4, and sections 384.23
  1  7 through 384.94. The bonds shall be made payable at the place
  1  8 and be of the form as the board of trustees shall by resolution
  1  9 designate. In the application of the laws to this section,
  1 10 the words used in the laws referring to municipal corporations
  1 11 or to cities shall be held to include combined districts
  1 12 organized under this chapter; the words "council" or "city
  1 13 council" shall be held to include the board of trustees of a
  1 14 combined district; the words "mayor" and "clerk" shall be held
  1 15 to include the president and clerk of a board of trustees; and
  1 16 like construction shall be given to any other words in the laws
  1 17 where required to permit the exercise of the powers by combined
  1 18 districts under this section.
  1 19    3.  An Except for the issuance of refunding bonds, an
  1 20  indebtedness shall not be incurred under this section until
  1 21 authorized by an election. The election shall be held and
  1 22 notice given in the same manner as provided in section 357E.8,
  1 23 except that a proposition to authorize indebtedness is approved
  1 24 if sixty percent of those voting on the proposition vote in
  1 25 favor of the proposition. A proposition for the authorization
  1 26 of indebtedness may be submitted to the voters at the same
  1 27 election as the election under section 357E.8.
  1 28                           EXPLANATION
  1 29 The inclusion of this explanation does not constitute agreement with
  1 30 the explanation's substance by the members of the general assembly.
  1 31    This bill relates to bonding authority of a combined
  1 32 benefited recreational lake and water quality district under
  1 33 Code chapter 357E.  The bill specifies that such a combined
  1 34 district has the same powers to issue bonds that a city has
  1 35 under the laws of this state, including but not limited to
  2  1 Code chapter 76, Code section 384.4, and Code sections 384.23
  2  2 through 384.94. Code chapter 76, Code section 384.4, and
  2  3 Code sections 384.23 through 384.94 establish the authority,
  2  4 requirements, and limitations for cities relating to the
  2  5 issuance of bonds, including general obligation bonds, revenue
  2  6 bonds, and refunding bonds.
  2  7    The bill also excludes the issuance of refunding bonds from
  2  8 the requirement that an indebtedness shall not be incurred by a
  2  9 combined district until authorized at election.
       LSB 2451SV (2) 87
       md/jh