§ 483A.51 — Bonds issued by the commission

Iowa § 483A.51

• Jurisdiction: Iowa
• Title XI: NATURAL RESOURCES
• Ch. 483A: FISHING AND HUNTING LICENSES, CONTRABAND, AND GUNS

Text

1. The commission may issue its negotiable bonds in principal amounts as, in the opinion
of the commission, are necessary to provide funds for the acquisition of real property for the
development and enhancement of wildlife lands and habitat areas, the payment of interest
29 FISHING AND HUNTING LICENSES, CONTRABAND, AND GUNS, §483A.51
on its bonds and all other expenditures of the commission incident to and necessary or
convenient to carry out the acquisition. However, the commission shall not have a total
principal amount of bonds outstanding at any time in excess of eight million dollars. The
bonds shall be deemed to be investment securities and negotiable instruments within the
meaning of and for all purposes of chapter 554, the uniform commercial code.
2. Bondsissuedbythecommissionarepayablesolelyandonlyfromtherevenuescredited
tothewildlifehabitatbondfund. Taxesorappropriationsshallnotbepledgedforthepayment
of the bonds. Bonds are not an obligation of this state or any political subdivision of this
state other than the commission within the meaning of any constitutional or statutory debt
limitations, but are special obligations of the commission payable solely and only from the
sources provided in this subchapter, and the commission shall not pledge the general credit
or taxing power of this state or any political subdivision of this state or make its debts payable
out of any moneys except those of the wildlife habitat bond fund.
3. Bonds must be authorized by a resolution of the commission. However, a resolution
authorizing the issuance of obligations may delegate to an officer of the commission the
powertonegotiateandfixthedetailsofanissueofbondsornotesbyanappropriatecertificate
of the authorized officer.
4. The bond proceedings shall provide for the purpose of the bonds, principal amount
and principal maturity or maturities, the interest rate or rates or the maximum interest rate,
the date of the bonds and the dates of payment of interest on the bonds, their denomination,
the terms and conditions upon which parity bonds may be issued, and the establishment
within or without the state of a place or places of payment of principal of and interest on the
bonds. The purpose of the bonds may be stated in the bond proceedings in terms describing
the general purpose or purposes to be served. The commission may cause to be issued a
prospectus or official statement in connection with the offering of the bonds. Bonds may be
issued in coupon or in registered form, or both. Provision may be made for the registration
of bonds with coupons attached as to principal alone, or as to both principal and interest,
their exchange for bonds so registered, and for the conversion or reconversion into bonds
with coupons attached of any bonds registered as to both principal and interest, and for
reasonable charges for registration, exchange, conversion, and reconversion. Bonds shall be
sold in the manner and at the time determined by the commission. Chapter 75 and sections
73A.12 through 73A.16 do not apply to these bonds. The bonds are negotiable instruments.
The bond proceedings may contain additional provisions as to:
a. The redemption of bonds prior to maturity at the option of the commission at the price
and on the terms and conditions provided in the bond proceedings.
b. Other terms of the bonds and concerning execution and delivery of the bonds.
c. The delegation of responsibility for any act relating to the issuance, execution, sale,
redemption, or other matter pertaining to the bonds to any other officer, agency of the state,
or other person or body.
d. Additional agreements with the bondholders relating to the bonds.
e. Payment from the proceeds of the sale of the bonds of all legal and financial expenses
incurred by the commission in the issuance, sale, delivery, and payment of the bonds.
f. Other matters, alike or different, which may in any way affect the security of the bonds
and the protection of the bondholders.
5. The power to issue bonds includes the power to issue obligations in the form of bond
anticipation notes or other forms of short-term indebtedness and to renew these notes by the
issuance of new notes. The holders of notes or interest coupons of notes have a right to be
paidsolelyfromthoserevenuescreditedtothewildlifehabitatbondfundwhichwerepledged
to the payment of the bonds anticipated, or from the proceeds of those bonds or renewal
notes, or both, as the commission provides in the bond proceedings authorizing the notes.
The notes may be additionally secured by covenants of the commission to the effect that the
commissionwilldothoseactsauthorizedbythissubchapterandnecessaryfortheissuanceof
the bonds or renewal notes in appropriate amount, and either exchange the bonds or renewal
notes for the notes, or apply the proceeds of the notes, to the extent necessary, to make full
payment of the principal of and interest on the notes at the time contemplated, as provided in
the bond proceedings. For this purpose, the commission may issue bonds or renewal notes
§483A.51, FISHING AND HUNTING LICENSES, CONTRABAND, AND GUNS 30
in a principal amount and upon terms as authorized by this subchapter and as necessary to
provide funds to pay when required the principal of and interest on the outstanding notes. All
provisions for and references to bonds in this subchapter are applicable to notes authorized
under this subsection to the extent not inconsistent with this subsection.
6. The commission may authorize and issue bonds for the refunding, including funding
and retirement, and advance refunding with or without payment or redemption prior to
maturity, of bonds previously issued by the commission. These bonds may be issued in
amounts sufficient for payment of the principal amount of the prior bonds, any redemption
premiums on the prior bonds, principal maturities of bonds maturing prior to the redemption
of the remaining bonds on a parity with them, interest accrued or to accrue to the maturity
date or dates of redemption of the bonds, and project costs including expenses incurred or
to be incurred in connection with this issuance, refunding, funding, and retirement. Subject
to the bond proceedings, the portion of proceeds of the sale of bonds issued under this
subsection to be applied to principal of and interest on the prior bonds shall be credited to
the appropriate account for the prior bonds. Bonds authorized under this subsection shall
be deemed to be issued for those purposes for which the prior bonds were issued and are
subject to the provisions of this subchapter pertaining to other bonds. Refunding bonds may
be issued without regard to whether or not the bonds to be refunded are payable on the
same date or different dates or due serially or otherwise.