This text of Iowa § 390.12 (Issuance of public bonds or obligations — purposes — limitations) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.An electric power agency may from time to time issue its public bonds or obligations
in such principal amounts as the electric power agency deems necessary to provide sufficient
funds to carry out any of its purposes and powers, including but not limited to any of the
following:
a.The acquisition or construction of any project to be owned or leased by the electric
power agency, or the acquisition of any interest in such project or any right to the capacity
of such project, including the acquisition, construction, or acquisition of any interest in an
electricpowergeneratingplanttobeconstructedinthisstate,ortheacquisition,construction,
or acquisition of any interest in a transmission line or system.
b.The funding or refunding of the principal of, or interest or redemption premiums on,
a
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1. An electric power agency may from time to time issue its public bonds or obligations
in such principal amounts as the electric power agency deems necessary to provide sufficient
funds to carry out any of its purposes and powers, including but not limited to any of the
following:
a. The acquisition or construction of any project to be owned or leased by the electric
power agency, or the acquisition of any interest in such project or any right to the capacity
of such project, including the acquisition, construction, or acquisition of any interest in an
electricpowergeneratingplanttobeconstructedinthisstate,ortheacquisition,construction,
or acquisition of any interest in a transmission line or system.
b. The funding or refunding of the principal of, or interest or redemption premiums on,
any public bonds or obligations issued by the electric power agency whether or not the public
bonds or obligations or interest to be funded or refunded have become due.
c. The establishment or increase of reserves to secure or to pay the public bonds or
obligations or interest on the public bonds or obligations.
d. The payment of all other costs or expenses of the electric power agency incident to and
necessary to carry out its purposes and powers.
2. Notwithstanding anything in this subchapter or chapter 28F to the contrary, a facility
shall not be financed with the proceeds of public bonds or obligations, the interest on
which is exempt from federal income tax, unless the public issuer of such public bonds
or obligations covenants that the issuer shall comply with the requirements or limitations
imposed by the Internal Revenue Code or other applicable federal law to preserve the tax
exemption of interest payable on the bonds or obligations.
3. a. Notwithstanding anything in this subchapter or chapter 28F to the contrary, an
electric power generating facility shall not be financed under this subchapter unless all of
the following conditions are satisfied:
(1) The portion of the electric power generating facility financed by the electric power
agency is not designed to serve the electric power requirements of retail customers of
members that are municipal electric utilities established in the state after January 1, 2001.
(2) The electric power agency annually files with the utilities commission, in a manner
to be determined by the utilities commission, information regarding sales from the electric
power generating facility in sufficient detail to determine compliance with these provisions.
b. The utilities commission shall report to the general assembly if any of the provisions
are being violated.