384.83 - PROCEDURES FOR REVENUE BONDS AND PLEDGE ORDERS.

        384.83  PROCEDURES FOR REVENUE BONDS AND PLEDGE      ORDERS.         1.  A city may issue revenue bonds pursuant to a resolution of the      governing body of the city utility, combined utility system, city      enterprise, or combined city enterprise, adopted at a regular or      special meeting by a majority of the total number of members to which      the governing body is entitled.         2. a.  Before the governing body institutes proceedings for      the issuance of revenue bonds, it shall fix a time and place of      meeting at which it proposes to take action and give notice by      publication in the manner directed in section 362.3.  The notice must      include a statement of the time and place of the meeting, the maximum      amount of the proposed revenue bonds, the purpose or purposes for      which the revenue bonds will be issued, and the city utility,      combined utility system, city enterprise, or combined city enterprise      whose net revenues will be used to pay the revenue bonds and interest      on them.  The governing body shall at the meeting receive oral or      written objections from any resident or property owner of the city.      After all objections have been received and considered, the governing      body may, at the meeting or any adjournment of the meeting, take      additional action for the issuance of the bonds or abandon the      proposal to issue bonds.  Any resident or property owner of the city      may appeal a decision of the governing body to take additional action      to the district court of the county in which any part of the city is      located within fifteen days after the additional action is taken, but      the additional action of the governing body is final and conclusive      unless the court finds that the governing body exceeded its      authority.  The provisions of this subsection with respect to notice,      hearing, and appeal in connection with the issuance of revenue bonds      are in lieu of those contained in chapter 73A or any other law.         b.  Separate purposes may be incorporated in a single notice      of intention to institute proceedings or separate purposes may be      incorporated in separate notices and, after an opportunity for filing      objections, the governing body may include in a single issue of      revenue bonds any number or combination of purposes.         3.  Revenue bonds may bear dates, bear interest at rates not      exceeding that permitted by chapter 74A, mature in one or more      installments, be in either coupon or registered form, carry      registration and conversion privileges, be payable as to principal      and interest at times and places, be subject to terms of redemption      prior to maturity with or without premium, and be in one or more      denominations, all as provided by the resolution of the governing      body authorizing their issuance.  The resolution may also prescribe      additional provisions, terms, conditions, and covenants which the      governing body deems advisable, consistent with the provisions of the      city code, including provisions for creating and maintaining reserve      funds, the issuance of additional revenue bonds ranking on a parity      with such revenue bonds and additional revenue bonds junior and      subordinate to such revenue bonds, and that such revenue bonds shall      rank on a parity with or be junior and subordinate to any revenue      bonds which may be then outstanding.  Revenue bonds are a contract      between the city and holders and the resolution is a part of the      contract.         4.  If the governing body is a city council, the revenue bonds      must be executed by the mayor and clerk of the city.  If the      governing body is a utility board, the revenue bonds must be executed      by the chairperson and secretary of the board.  If coupons are      attached to the revenue bonds, they must be executed with the      original or facsimile signature of the clerk or secretary.  A revenue      bond is valid and binding for all purposes if it bears the signatures      of the officers in office on the date of the execution of the bonds      notwithstanding that any or all persons whose signatures appear      thereon have ceased to be such officers prior to the delivery      thereof.  The issuance of revenue bonds must be recorded in the      office of the city treasurer or other financial officer designated by      the council, and a certificate of the recording by the treasurer or      other officer must be printed on the back of each revenue bond.         5.  Revenue bonds and pledge orders issued pursuant to this      division are negotiable instruments.         6.  A city may issue pledge orders pursuant to a resolution of the      governing body of the city utility, combined utility system, city      enterprise, or combined city enterprise, adopted by a majority of the      total number of members to which the governing body is entitled, at a      regular or special meeting, ordering their issuance and delivery in      payment for all or part of the cost of a project.  Pledge orders may      bear interest at rates not exceeding that permitted by chapter 74A.         7.  The physical properties of a city utility, combined utility      system, city enterprise, or combined city enterprise may not be      pledged or mortgaged to secure the payment of revenue bonds or pledge      orders or the interest thereon.  
         Section History: Early Form
         [C35, § 5903-f4, 6066-f6, -f7; C39, § 5903.15,      6066.29--6066.31; C46, 50, § 385.4, 394.6--394.8; C58, 62, 66, 71,      73, § 385.4, 386B.10, 394.6--394.8; C75, 77, 79, 81, § 384.83] 
         Section History: Recent Form
         83 Acts, ch 90, § 26         Referred to in § 26.9, 357A.11, 364.4, 384.24A, 389.4, 390.5,      423B.9, 423E.5