§ 468.555 — Sale, exchange, and cancellation

Iowa § 468.555

• Jurisdiction: Iowa
• Title XI: NATURAL RESOURCES
• Ch. 468: LEVEE AND DRAINAGE DISTRICTS AND IMPROVEMENTS

Text

The county treasurer shall, under a resolution and the direction of the said county board
of supervisors, sell the bonds for cash on the best available terms or exchange them on like
terms for the legal indebtedness of the said drainage district evidenced by the outstanding
drainage bonds, authorized to be refunded by the resolution authorizing the issue of said
refunding bonds, and the proceeds shall be applied and exclusively used for the purpose for
which said bonds are issued. In no case shall they be sold or exchanged for a less sum than
their face value and all interest accrued. After registration the treasurer shall deliver said
refunding bonds to the purchaser thereof and when exchanged for said bonded indebtedness
of said district, shall at once cancel a like amount of said drainage bonds.

Legislative History

[C27,31,35,§7714-b16; C39,§7714.16; C46,50,54,58,62,66,71,73,75,77,79,81,§463.16]