384.82 - AUTHORITY -- REVENUE BONDS -- PLEDGE ORDERS.

        384.82  AUTHORITY -- REVENUE BONDS -- PLEDGE ORDERS.         1.  A city may carry out projects, borrow money, and issue revenue      bonds and pledge orders to pay all or part of the cost of projects,      which may include a qualified water resource restoration project,      such revenue bonds and pledge orders to be payable solely and only      out of the net revenues of the city utility, combined utility system,      city enterprise, or combined city 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, such reserve funds as      the governing body may deem 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.  A city 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.         A city may deliver its revenue bonds to the federal government or      any agency thereof which has loaned the city money for sanitary or      solid waste projects, water projects or other projects for which the      government has a loan program.         2.  A city may issue revenue bonds or pledge orders to refund      revenue bonds, pledge orders, and other obligations which are by      their terms payable from the net revenues of the same city utility,      combined utility system, city enterprise, or combined city      enterprise, or from a city utility comprising a part of the combined      utility system or a city enterprise comprising a part of the combined      city enterprise, at lower, the same, or higher rates of interest.      Upon a finding of necessity by the governing body, a city may issue      revenue bonds or pledge orders to refund general obligation bonds to      the extent the general obligation bonds were issued or the proceeds      of them were expended for a city utility, city enterprise, or a      portion of a combined city utility or city enterprise.  These revenue      bonds or pledge orders may be issued at lower, the same, or at higher      rates of interest than the rates of the general obligation bonds      being refunded.  A city may sell refunding revenue bonds or pledge      orders 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 or pledge orders      in payment and discharge of the obligations being refunded.  The      principal amount of refunding revenue bonds or pledge orders may      exceed the principal amount of the obligations being refunded to the      extent necessary to pay a premium due on the call of the obligations      being refunded, to fund interest accrued and to accrue on the      obligations being refunded, to pay the costs of issuance of the      refunding revenue bonds or pledge orders, and to fund such reserve      funds as the governing body may deem advisable in connection with the      issuance of the refunding revenue bonds or pledge orders.  
         Section History: Early Form
         [C31, § 6134-d1; C35, § 5903-f4, 6066-f6, 6134-d1, -f1; C39, §      5903.15, 6066.29, 6134.01--6134.03; C46, § 385.4, 394.6,      397.9--397.11; C50, § 385.4, 390.9, 394.6, 397.9--397.11; C58, 62,      66, § 385.4, 386B.10, 390.9, 394.6, 397.9--397.11; C71, 73, § 385.4,      386B.10, 390.9, 390.16, 394.6, 397.9--397.11; C75, 77, 79, 81, §      384.82; 81 Acts, ch 126, § 1] 
         Section History: Recent Form
         84 Acts, ch 1058, § 1; 2009 Acts, ch 72, §5         Referred to in § 26.9, 389.4, 390.5