This text of Iowa § 403A.12 (Bonds) 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.A municipality shall have power to issue bonds from time to time in its discretion, for
any of the purposes of this chapter. A municipality shall also have power to issue refunding
bonds for the purpose of paying or retiring bonds previously issued by it. A municipality may
issue such types of bonds as it may determine, including bonds on which the principal and
interestarepayableexclusivelyfromtheincomeandrevenuesoftheprojectfinancedwiththe
proceeds of such bonds, or exclusively from the income and revenues of certain designated
housing projects whether or not they are financed in whole or in part with the proceeds of
such bonds. Any such bonds may be additionally secured by a pledge of any loan, grant or
contribution or parts thereof from the federal government or other source, or a p
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1. A municipality shall have power to issue bonds from time to time in its discretion, for
any of the purposes of this chapter. A municipality shall also have power to issue refunding
bonds for the purpose of paying or retiring bonds previously issued by it. A municipality may
issue such types of bonds as it may determine, including bonds on which the principal and
interestarepayableexclusivelyfromtheincomeandrevenuesoftheprojectfinancedwiththe
proceeds of such bonds, or exclusively from the income and revenues of certain designated
housing projects whether or not they are financed in whole or in part with the proceeds of
such bonds. Any such bonds may be additionally secured by a pledge of any loan, grant or
contribution or parts thereof from the federal government or other source, or a pledge of any
income or revenues connected with a housing project or a mortgage of any housing project or
projects. The authority to issue bonds under this subsection does not limit the municipality’s
general authority to issue bonds for any of the purposes of this chapter.
2. Neither the governing body of a municipality nor any person executing the bonds shall
§403A.12, MUNICIPAL HOUSING PROJECTS 8
be liable personally on the bonds by reason of the issuance thereof hereunder. The bonds and
other obligations issued under the provisions of this chapter shall be payable solely from the
sources provided in this section and shall not constitute an indebtedness within the meaning
of any constitutional or statutory debt limitation or restriction. The bonds and obligations
shall state on their face that they are payable solely from the sources provided in this section
and that they do not constitute an indebtedness within the meaning of any constitutional or
statutory debt limitation or restriction. Bonds issued pursuant to this chapter are declared to
be issued for an essential public and governmental purpose and to be public instrumentalities
and, together with interest thereon and income therefrom, shall be exempt from taxes. The
tax exemption provisions of this chapter shall be considered part of the security for the
repayment of bonds and shall constitute, by virtue of this chapter and without the necessity
of the same being restated in said bonds, a contract between the bondholders and each and
every one thereof, including all transferees of said bonds from time to time on the one hand
and the respective municipalities issuing said bonds and the state on the other.