§ 260C.21 — Election to incur indebtedness

Iowa § 260C.21

• Jurisdiction: Iowa
• Title VII: EDUCATION, HISTORY, AND CULTURE
• Ch. 260C: COMMUNITY COLLEGES

Text

No indebtedness shall be incurred under section 260C.19 until authorized by an election. A
proposition to incur indebtedness and issue bonds for community college purposes shall be
deemed carried in a merged area if approved by a sixty percent majority of all voters voting
on the proposition in the area. However, if the costs of utilities are paid by a community
college with funds derived from the levy authorized under section 260C.22, the community
college may use the general fund moneys that would have been used to pay the costs of
utilities for capital expenditures, may invest the funds, or may incur indebtedness without
an election, provided that the payments on the indebtedness incurred, and any interest on
the indebtedness, can be made using general funds of the community college and the total
payments on the principal and interest on the indebtedness do not exceed the amount of the
costs of the utilities.

Legislative History

[C66, 71, 73, 75, 77, 79, 81, §280A.21]