76.10 - REGISTRATION -- IMMOBILIZATION -- STANDARDS -- TAX -- RECORDS.
76.10 REGISTRATION -- IMMOBILIZATION -- STANDARDS --
TAX -- RECORDS.
Notwithstanding any other provision in the Code:
1. All public bonds or obligations issued before or after July 1,
1983 may be in registered form. An issuer of public bonds or
obligations may designate for a term as agreed upon, one or more
persons, corporations, partnerships, or other associations located
within or without the state to serve as trustee, transfer agent,
registrar, depository, or paying or other agent in connection with
the public bonds or obligations and to carry out services and
functions which are customary in such capacities or convenient or
necessary to comply with the intent and provisions of this chapter.
2. An issuer of public bonds or obligations may provide for the
immobilization of the bonds through the designation of a bond
depository or through a book-entry system of registration.
3. Any designated trustee, transfer agent, registrar, depository,
or paying or other agent may serve in multiple capacities with
respect to an issue of public bonds or obligations.
4. Public bonds or obligations or certificates of ownership of
the public bonds or obligations may be issued in any form or pursuant
to any system necessary to be in compliance with standards issued
from time to time by the municipal securities rulemaking board of the
United States, the American national standards institute, any other
securities industry standard, or the requirements of section 103 of
the Internal Revenue Code.
5. Registration or immobilization of a public bond or obligation
does not disqualify it as a lawful investment for depository
institutions, trustees, public bodies, or other investors regulated
by law.
6. An issuer of public bonds or obligations may provide for the
payment of the costs of registration of its public bonds or
obligations by the levy of additional taxes for the payment from the
fund for the payment of the principal and interest of general
obligation bonds or from any revenue source from which the principal
and interest of the public bonds or obligations are payable.
7. a. Records and documents pertaining to cancellation,
transfer, redemption, or replacement of public bonds or obligations
shall be preserved by the issuer or its agent for a period of not
less than eleven years. Thereafter, the records and documents may be
destroyed by the issuer or its agent, preserving confidentiality as
necessary.
b. An action with respect to the cancellation, transfer,
redemption, or replacement of public bonds or obligations shall not
be brought against an issuer, trustee, transfer agent, registrar,
depository, paying agent, or other agent unless it is commenced
within eleven years of the cancellation, transfer, redemption, or
replacement of the bonds or obligations. Section History: Recent Form
83 Acts, ch 90, § 2; 84 Acts, ch 1021, § 2; 93 Acts, ch 89, § 1
Referred to in § 22.7, 74.9, 76.11, 372.13, 476A.28