This text of Iowa § 423F.4 (Borrowing authority for school districts) 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.Subject to the conditions established under subsection 2, a school district may
anticipate its share of the revenues under section 423F.2 by issuing bonds in the manner
provided in section 423E.5, Code 2019. However, to the extent any school district has issued
bonds anticipating the proceeds of an extended local sales and services tax for school
infrastructure purposes imposed by a county pursuant to former chapter 423E, Code and
Code Supplement 2007, prior to July 1, 2008, the pledge of such revenues for the payment
of principal and interest on such bonds shall be replaced by a pledge of its share of the
revenues under section 423F.2.
2.
a.Bonds issued on or after July 1, 2019, shall not be sold at public sale as provided
in chapter 75, or at a private sale, without notice and hearin
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1. Subject to the conditions established under subsection 2, a school district may
anticipate its share of the revenues under section 423F.2 by issuing bonds in the manner
provided in section 423E.5, Code 2019. However, to the extent any school district has issued
bonds anticipating the proceeds of an extended local sales and services tax for school
infrastructure purposes imposed by a county pursuant to former chapter 423E, Code and
Code Supplement 2007, prior to July 1, 2008, the pledge of such revenues for the payment
of principal and interest on such bonds shall be replaced by a pledge of its share of the
revenues under section 423F.2.
2. a. Bonds issued on or after July 1, 2019, shall not be sold at public sale as provided
in chapter 75, or at a private sale, without notice and hearing. Notice of the time and place
of the public hearing shall be published not less than ten nor more than twenty days before
the public hearing in a newspaper which is a newspaper of general circulation in the school
district.
b. For bonds subject to the requirements of paragraph “a”, if at any time prior to the
fifteenth day following the hearing, the secretary of the board of directors receives a petition
containing the required number of signatures and asking that the question of the issuance
of such bonds be submitted to the voters of the school district, the board shall either rescind
its adoption of the resolution or direct the county commissioner of elections to submit the
7 STATEWIDE SCHOOL INFRASTRUCTURE FUNDING, §423F.6
question to the registered voters of the school district at an election held on the date specified
in section 39.2, subsection 4, paragraph “d”. The petition must be signed by eligible electors
equal in number to not less than one hundred or thirty percent of the number of voters at
the last preceding election of school officials under section 277.1, whichever is greater. If
the board submits the question at an election and a majority of those voting on the question
favors issuance of the bonds, the board shall be authorized to issue the bonds.
c. After fourteen days from the date of the hearing under paragraph “a” or fourteen days
after the date of the election held under paragraph “b”, if applicable, whichever is later, an
action shall not be brought questioning the legality of any bonds or the power of the authority
to issue any bonds or to the legality of any proceedings in connection with the authorization
or issuance of the bonds.