12.25 - LEGISLATIVE FINDINGS.
12.25 LEGISLATIVE FINDINGS.
The general assembly finds and declares that because of
differences in the timing of the receipt of tax and other revenues
and the expenditure of funds by the state, the state has been unable
to remain timely on its obligations, including its payments of school
aid; the untimely payment of state aid has created a hardship for
schools by increasing their costs and hindering their ability to
remain timely on their obligations; it would be advantageous to the
state to be able to issue notes in anticipation of its tax and other
revenues in order to coordinate its cash flow; and pending their use,
the proceeds of notes issued in anticipation of tax and other
revenues should be invested in order to pay the cost of issuing the
notes and as a benefit to the state. It is the purpose of this
section and section 12.26 to enable the state to make timely payments
of its obligations, including its school aid payments, by securing
funds through the issuance of notes in anticipation of the state's
tax and other revenues. Section History: Recent Form
85 Acts, ch 34, §18