Iowa § 419.5 Determination of rent

Iowa Statutes

§ 419.5 — Determination of rent

Iowa § 419.5

Title IXLOCAL GOVERNMENT

Ch. 419MUNICIPAL SUPPORT OF PROJECTS

This text of Iowa § 419.5 (Determination of rent) 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.

Bluebook

Iowa Code § 419.5 (2026).

Text

1.Prior to entering into a lease, sale contract or loan agreement with respect to any project, the governing body must determine the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; the amount necessary to be paid each year into any reserve funds which the governing body may deem advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and unless the terms of the lease, sale contract or loan agreement provide that the lessee or contracting party shall maintain the project and carry all proper insurance with respect thereto, the estimated cost of maintaining the project in good repair and keeping it properly insured.

2.The determination and findings o

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1. Prior to entering into a lease, sale contract or loan agreement with respect to any
project, the governing body must determine the amount necessary in each year to pay the
principal of and the interest on the bonds proposed to be issued to finance such project; the
amount necessary to be paid each year into any reserve funds which the governing body
may deem advisable to establish in connection with the retirement of the proposed bonds
and the maintenance of the project; and unless the terms of the lease, sale contract or loan
agreement provide that the lessee or contracting party shall maintain the project and carry
all proper insurance with respect thereto, the estimated cost of maintaining the project in
good repair and keeping it properly insured.
2. The determination and findings of the governing body, required to be made by
subsection 1 of this section, shall be set forth in the proceedings under which the proposed
bonds are to be issued; provided, however, that the foregoing amounts need not be expressed
in dollars and cents in the lease, sale contract or loan agreement or in the proceedings
under which the bonds are authorized to be issued, but may be set forth in the form of
a formula or formulas. Prior to the issuance of the bonds authorized by this chapter the
municipality shall enter into a lease, sale contract or loan agreement with respect to the
project which shall require the lessee or contracting party to complete the project and which
shall provide for payment to the municipality of such rentals or payments as, upon the basis
of such determinations and findings, will be sufficient to pay the principal of and interest
on the bonds issued to finance the project; to build up and maintain any reserves deemed
advisable, by the governing body, in connection therewith and unless the lease, sale contract
or loan agreement obligates the lessee or contracting party to pay for the maintenance and