§ 390.14 — Public bonds or obligations payable solely from agency revenues or funds

Iowa § 390.14

• Jurisdiction: Iowa
• Title IX: LOCAL GOVERNMENT
• Ch. 390: JOINT ELECTRICAL UTILITIES

Text

1. The principal of and interest on any public bonds or obligations issued by an electric
power agency shall be payable solely from the revenues or funds pledged or available for
their payment as authorized in this subchapter.
2. Each public bond or obligation shall contain all of the following terms:
a. That the principal of or interest on such public bonds or obligations is payable solely
from revenues or funds of the electric power agency.
b. That neither the state or a political subdivision of the state other than the electric power
agency, nor a public agency that is a member of the electric power agency is obligated to pay
the principal or interest on such public bonds or obligations.
c. That neither the full faith and credit nor the taxing power of the state, of any political
subdivisionofthestate,orofanysuchpublicagencyispledgedtothepaymentoftheprincipal
of or the interest on the public bonds or obligations.