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

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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-Enrolled.html

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Senate File 493 - Enrolled




                              SENATE FILE       
                              BY  COMMITTEE ON WAYS AND
                                  MEANS

                              (SUCCESSOR TO SSB
                                  1125)
 \5
                                   A BILL FOR
 \1
                                        Senate File 493

                             AN ACT
 RELATING TO THE AUTHORITY OF COMBINED BENEFITED
    RECREATIONAL LAKE AND WATER QUALITY DISTRICTS WHEN ISSUING
    BONDS.

 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    Section 1.  Section 357E.11A, subsections 2 and 3, Code 2017,
 are amended to read as follows:
    2.  A combined district shall have the same powers to issue
 bonds, including both general obligation and revenue bonds,
  that cities have under the laws of this state, including but
 not limited to chapter 76, section 384.4, and sections 384.23
 through 384.94. The bonds shall be made payable at the place
 and be of the form as the board of trustees shall by resolution
 designate. In the application of the laws to this section,
 the words used in the laws referring to municipal corporations
 or to cities shall be held to include combined districts
 organized under this chapter; the words "council" or "city
 council" shall be held to include the board of trustees of a
 combined district; the words "mayor" and "clerk" shall be held
 to include the president and clerk of a board of trustees; and
 like construction shall be given to any other words in the laws
 where required to permit the exercise of the powers by combined
 districts under this section.
    3.  An Except for the issuance of refunding bonds, an
  indebtedness shall not be incurred under this section until
 authorized by an election. The election shall be held and
 notice given in the same manner as provided in section 357E.8,
 except that a proposition to authorize indebtedness is approved
 if sixty percent of those voting on the proposition vote in
 favor of the proposition. A proposition for the authorization
 of indebtedness may be submitted to the voters at the same
 election as the election under section 357E.8.


                                                                                            JACK WHITVER


                                                                                            LINDA UPMEYER


                                                                                            W. CHARLES SMITH


                                                                                            TERRY E. BRANSTA

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