As used in this chapter, unless the context otherwise requires:
1.“Beginning businessperson” means an individual with an aggregate net worth of the
individual and the individual’s spouse and children of less than one hundred thousand
dollars. Net worth means total assets minus total liabilities as determined in accordance
with generally accepted accounting principles.
2.“Bonds” of a municipality includes bonds, notes or other securities.
3.“Contracting party” or “other contracting party” means any party to a sale contract or
loan agreement except the municipality.
4.“Corporation” includes a corporation whether organized for profit or not for profit
for which the secretary of state has issued a certificate of incorporation or a permit for the
transaction of business within the state and
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As used in this chapter, unless the context otherwise requires:
1. “Beginning businessperson” means an individual with an aggregate net worth of the
individual and the individual’s spouse and children of less than one hundred thousand
dollars. Net worth means total assets minus total liabilities as determined in accordance
with generally accepted accounting principles.
2. “Bonds” of a municipality includes bonds, notes or other securities.
3. “Contracting party” or “other contracting party” means any party to a sale contract or
loan agreement except the municipality.
4. “Corporation” includes a corporation whether organized for profit or not for profit
for which the secretary of state has issued a certificate of incorporation or a permit for the
transaction of business within the state and further includes a cooperative association.
5. “Equip” means to install or place on or in any building or improvements or the site
thereof equipment of any and every kind, including, without limiting the generality of the
foregoing, machinery, utility service connections, building service equipment, fixtures,
heating equipment, and air conditioning equipment and including, in the case of portable
equipment used for pollution control, all such machinery and equipment which maintains a
substantial connection with the building or improvement or the site thereof where installed,
placed, or primarily based.
6. “Governing body” means the board, council or other body in which the legislative
powers of the municipality are vested.
7. “Lease” includes a lease containing an option to purchase the project for a nominal sum
upon payment in full, or provision therefor, of all bonds issued in connection with the project
and all interest thereon and all other expenses incurred in connection with the project, and
a lease containing an option to purchase the project at any time, as provided therein, upon
payment of the purchase price which shall be sufficient to pay all bonds issued in connection
withtheprojectandallinterestthereonandallotherexpensesincurredinconnectionwiththe
project, butwhichpaymentmaybemadeintheformofoneormorenotes, debentures, bonds
or other secured or unsecured debt obligations of the lessee providing for timely payments,
includingwithoutlimitation, interestthereonsufficientforsuchpurposesanddeliveredtothe
municipality or to the trustee under the indenture pursuant to which the bonds were issued.
A single lease may contain both of the foregoing options.
8. “Lessee”includesasingleperson, firmorcorporationoranytwoormorepersons, firms
or corporations which shall lease the project as tenants-in-common or otherwise and which
shallundertakerentalpaymentsandothermonetaryobligationsundertheleaseoftheproject
sufficient in the aggregate to satisfy the rental and other monetary obligations required by
this chapter to be undertaken by the lessee of a project.
9. “Loan agreement” means an agreement providing for a municipality to loan the
proceeds derived from the issuance of bonds pursuant to this chapter to one or more
contracting parties to be used to pay the cost of one or more projects and providing for the
repayment of such loan by the other contracting party or parties, and which may provide
for such loans to be secured or evidenced by one or more notes, debentures, bonds or other
secured or unsecured debt obligations of the contracting party or parties, delivered to the
municipality or to the trustee under the indenture pursuant to which the bonds were issued.
10. “Mortgage” shall include a deed of trust.
11. “Municipality” means any county, or any incorporated city in this state.
12. “Project” means all or any part of, or any interest in:
a. Land, buildings, or improvements, whether or not in existence at the time of issuance
of the bonds issued under this chapter, which are suitable for the use of any of the following:
(1) A voluntary nonprofit hospital, clinic, or health care facility as defined in section
135C.1, subsection 8.
(2) One or more physicians for an office building to be used exclusively by professional
health care providers, including appropriate ancillary facilities.
(3) A private college or university or a state institution governed under chapter 262
whether for the establishment or maintenance of the college or university or state institution.
(4) An industry or industries for the manufacturing, processing, or assembling of
agricultural or manufactured products, even though the processed products may require
further treatment before delivery to the ultimate consumer.
(5) A commercial enterprise engaged in storing, warehousing, or distributing products
of agriculture, mining, or industry including but not limited to barge facilities and riverfront
improvements useful and convenient for the handling and storage of goods and products.
(6) A facility for the generation of electrical energy through the use of a renewable energy
source including but not limited to hydroelectric and wind generation facilities.
(7) A facility engaged in research and development activities.
(8) A national, regional, or divisional headquarters facility of a company that does
multistate business.
(9) A museum, library, or tourist information center.
(10) A telephone company.
(11) A beginning businessperson for any purpose.
(12) A commercial amusement or theme park.
(13) A housing unit or complex for persons who are elderly or persons with disabilities.
(14) Afairorexpositionheldinthestate, otherthantheIowastatefair, whichisamember
of the association of Iowa fairs.
(15) A sports facility.
(16) A facility for an organization described in section 501(c)(3) of the Internal Revenue
Code which is exempt from federal income tax under section 501(a) of the Internal Revenue
Code.
b. Pollution control facilities which are suitable for use by any industry, commercial
enterprise or utility. “Pollution control facilities” means any land, buildings, structures,
equipment, including portable equipment, pipes, pumps, dams, reservoirs, improvements,
or other facilities useful for the purpose of reducing, preventing, or eliminating pollution
of the water or air by reason of the operations of any industry, commercial enterprise or
utility or for the disposal, including without limitation recycling, of solid waste. “Improve”,
“improving” and “improvements” include any real property, personal property or mixed
property of any and every kind that can be used or that will be useful in connection with
a project, including but not limited to rights-of-way, roads, streets, sidings, trackage,
foundations, tanks, structures, pipes, pipelines, reservoirs, utilities, materials, equipment,
fixtures, machinery, furniture, furnishings, improvements, instrumentalities and other real,
personal, or mixed property of every kind, whether above or below ground level.
c. Purposes that are eligible for financing from qualified midwestern disaster area bonds
authorized under the federal Emergency Economic Stabilization Act of 2008, Pub. L. No.
110-343, together with any other financing necessary or desirable in connection with such
purposes.
d. Purposes for which tax-exempt financing is authorized by the Internal Revenue Code,
together with any other financing necessary or desirable in connection with such purposes.
13. “Revenues” of a project, or derived from a project, include payments under a lease
or sale contract and repayments under a loan agreement, or under notes, debentures, bonds
and other secured or unsecured debt obligations of a lessee or contracting party delivered as
herein provided.
14. “Sale contract” means a contract providing for the sale of one or more projects to one
or more contracting parties and includes a contract providing for payment of the purchase
price in one or more installments. If the sale contract permits title to the project to pass to
the other contracting party or parties prior to payment in full of the entire purchase price,
it shall also provide for the other contracting party or parties to deliver to the municipality
or to the trustee under the indenture pursuant to which the bonds were issued one or more
notes, debentures, bonds or other secured or unsecured debt obligations of such contracting
party or parties providing for timely payments, including without limitation, interest thereon
for the balance of the purchase price at or prior to the passage of such title.