257C.2 - LEGISLATIVE FINDINGS.
257C.2 LEGISLATIVE FINDINGS.
The general assembly finds as follows:
1. The establishment of the authority is in all respects for the
benefit of the people of the state of Iowa and the improvement of the
financing procedures for Iowa's schools.
2. The authority will be performing an essential governmental
function in the exercise of the powers and duties conferred upon it
by this chapter.
3. Iowa schools face a serious and increasing problem with cash
flow difficulties caused, among other factors, by increasing reliance
on state school foundation aid, delays in the payment of state school
foundation aid, and the periodic payment of property taxes for school
purposes.
4. As a result of their increasing cash flow difficulties, Iowa
schools have had to borrow on a short-term basis larger amounts of
funds more often, thus increasing their borrowing costs
significantly.
5. The short-term borrowing costs of Iowa schools are a direct
burden on the taxpayers of the state.
6. It is necessary to create the authority to provide a means for
Iowa schools to reduce substantially or eliminate their short-term
borrowing costs and thus reduce costs to the taxpayers.
7. All of the purposes stated in this section are public purposes
and uses for which public moneys may be borrowed, expended, advanced,
loaned or granted. Section History: Recent Form
85 Acts, ch 34, §2
CS85, § 442A.2
C93, § 257C.2