§ 468.566 — Refinancing powers

Iowa § 468.566

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

Text

1. Inordertoeffectaloanundersection468.565, thegoverningbodyofadistrict, orboard
of supervisors, is authorized to execute such agreements and contracts, and to fulfill such
requirements of the loaning agency as are not inconsistent with this part; and to issue, and
pledge or sell the bonds at their face value to the reconstruction finance corporation, or other
loaning agency, furnishing the funds for the debt readjustment, in the amount required for
the adjustment.
2. The governing body, or board of supervisors, shall also have the authority as a part of
the plan of refinancing, adjusting, composing, and refunding of the district’s indebtedness,
to cancel the old assessments collectible against the land within the district, pledged to
the payment of the district’s outstanding indebtedness and proportionately and equitably
to relevy the assessments, with interest, over the period covered by the new bonds, in
an amount sufficient to pay the new bonds and interest on the bonds. However, the new
assessments created against any tract of land within the district shall not be in excess of the
unpaid assessments against the tract before the readjustment or composition is made, and
the new and extended assessment against the tract shall fully replace the old assessment.

Legislative History

[C35, §7714-g2; C39, §7714.27; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §463.27]