76.1 - MANDATORY RETIREMENT.
76.1 MANDATORY RETIREMENT.
1. Hereafter issues of bonds of every kind and character by
counties, cities, and school corporations shall be consecutively
numbered.
2. a. The annual levy shall be sufficient to pay the interest
and approximately such portion of the principal of the bonds as will
retire them in a period not exceeding twenty years from date of
issue, except as provided in paragraph "b".
b. General obligation bonds issued for the purposes specified
in section 331.441, subsection 2, paragraph "b", subparagraphs
(18) and (19), or in section 384.24, subsection 3, paragraphs "w"
and "x", and bonds issued to refund or refinance bonds issued for
those purposes, may mature and be retired in a period not exceeding
thirty years from date of issue.
3. Each issue of bonds shall be scheduled to mature in the same
order as numbered. Section History: Early Form
[C27, 31, 35, § 1179-b1; C39, § 1179.1; C46, 50, 54, 58, 62,
66, 71, 73, 75, 77, 79, 81, § 76.1] Section History: Recent Form
2009 Acts, ch 100, §5, 21
Referred to in § 76.2, 76.5