331.463 - PROCEDURE FOR FINANCING.

        331.463  PROCEDURE FOR FINANCING.         1.  The board may carry out projects, borrow money, and issue      revenue bonds and pledge orders to pay all or part of the cost of      projects, the revenue bonds and pledge orders to be payable solely      out of the net revenues of the county enterprise or combined county      enterprise involved in the project.  The cost of a project includes      the construction contracts, interest upon the revenue bonds and      pledge orders during the period or estimated period of construction      and for twelve months thereafter, or for twelve months after the      acquisition date, reserve funds as the board deems advisable in      connection with the project and the issuance of revenue bonds and      pledge orders, and the costs of engineering, architectural, technical      and legal services, preliminary reports, surveys, property      valuations, estimates, plans, specifications, notices, acquisition of      real and personal property, consequential damages or costs,      easements, rights-of-way, supervision, inspection, testing,      publications, printing and sale of bonds and provisions for      contingencies.  The board may sell revenue bonds or pledge orders at      public or private sale in the manner prescribed by chapter 75 and may      deliver revenue bonds and pledge orders to the contractors, sellers,      and other persons furnishing materials and services constituting a      part of the cost of the project in payment therefor.         The board may deliver its revenue bonds to the federal government      or any agency thereof which has loaned the county money for sanitary      or solid waste projects, water projects, or other projects, for which      the government has a loan program.         2.  The board may issue revenue bonds to refund revenue bonds,      pledge orders, and other obligations which are by their terms payable      from the net revenues of the same county enterprise or combined      county enterprise, or from a county enterprise comprising a part of      the combined county enterprise, at lower, the same, or higher rates      of interest.  A county may sell refunding revenue bonds at public or      private sale in the manner prescribed by chapter 75 and apply the      proceeds to the payment of the obligations being refunded, and may      exchange refunding revenue bonds in payment and discharge of the      obligations being refunded.  The principal amount of refunding      revenue bonds may exceed the principal amount of the obligations      being refunded to the extent necessary to pay any premium due on the      call of the obligations being refunded and to fund interest accrued      and to accrue on the obligations being refunded.         3.  The board may contract to pay not to exceed ninety-five      percent of the engineer's estimated value of the acceptable work      completed during the month to the contractor at the end of each month      for work, material, or services.  Payment may be made in warrants      drawn on any fund from which payment for the work may be made.  If      such funds are depleted, anticipatory warrants may be issued bearing      a rate of interest not exceeding that permitted by chapter 74A even      if a collection of taxes or special assessments or income from the      sale of bonds which have been authorized and are applicable to the      public improvement takes place after the fiscal year in which the      warrants are issued.  If the board arranges for the private sale of      anticipatory warrants, they may be sold and the proceeds used to pay      the contractor.  The warrants may also be used to pay other persons      furnishing services constituting a part of the cost of the public      improvement.  
         Section History: Early Form
         [S81, § 331.463; 81 Acts, ch 117, § 462; 82 Acts, ch 1104, § 50]         Referred to in § 28M.3, 358.25