419.1 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Beginning businessperson” means an individual with an aggregate net worth of the individual and the individual’s spouse and children of less than one hundred thousand dollars. Net worth means total assets minus total liabilities as determined in accordance with generally accepted accounting […]
419.10 Default. In case of a default in the payment of any revenue bonds, issued pursuant to the provisions of this chapter, the municipality which defaulted in such payment shall be precluded from entering into any activity of its own except to release the property for some industrial activity. [C66, 71, 73, 75, 77, 79, […]
419.11 Tax equivalent to be paid — assessment procedure — appeal. 1. a. Any municipality acquiring, purchasing, constructing, reconstructing, improving, or extending any industrial buildings, buildings used as headquarters facilities or pollution control facilities, as provided in this chapter, shall annually pay out of the revenue from such industrial buildings, buildings used as headquarters facilities […]
419.12 Purchase. The municipality may accept any bona fide offer to purchase which is sufficient to pay all the outstanding bonds, interest, taxes, special levies, and other costs that have been incurred. [C66, 71, 73, 75, 77, 79, 81, §419.12]
419.13 Exception to budget law and certain bond provisions. The provisions of sections 73A.12 through 73A.16 shall not apply to bonds issued under the provisions of this chapter. [C66, 71, 73, 75, 77, 79, 81, §419.13] 2021 Acts, ch 80, §246 Section amended
419.14 Eminent domain not available. No land acquired by a municipality by the exercise of condemnation through eminent domain can be used to effectuate the purposes of this chapter. [C66, 71, 73, 75, 77, 79, 81, §419.14] Referred to in §419.17
419.15 Limitation of actions. No action shall be brought questioning the legality of any contract, lease, mortgage, proceedings or bonds executed in connection with any project or improvements authorized by this chapter from and after three months from the time the bonds are ordered issued by the proper authority. [C66, 71, 73, 75, 77, 79, […]
419.16 Intent of law. In order to provide available alternatives to enable municipalities to accomplish the purposes of this chapter in the manner deemed most advisable by their governing bodies, it is the intent of this chapter that a lessee or contracting party under a sale contract or loan agreement is not required to be […]
419.17 Revenue bonds issued. 1. Cities may also issue revenue bonds for projects located within a qualified urban renewal area or an area designated a revitalization area pursuant to sections 404.1 through 404.7. The revenue bonds shall be issued pursuant to the provisions of this chapter and all provisions of this chapter shall apply, except […]
419.18 Grain and soybean storage facilities — bonds issued. In order to provide greater sources of financing and to encourage an increase in the capacity of grain and soybean storage facilities within the state, cities and counties may issue revenue bonds, to be originally purchased by financial institutions or other bond purchasers which are located […]
419.2 Powers. A municipality shall not have the power to operate any project financed under this chapter, as a business or in any manner except as specifically provided in this chapter. In addition to any other powers which it may now have, each municipality shall have the following powers: 1. To acquire, whether by construction, […]
419.3 Bonds as limited obligations. 1. All bonds issued by a municipality, under the authority of this chapter, shall be limited obligations of the municipality. The principal of and interest on such bonds shall be payable solely out of the revenues derived from the project to be financed by the bonds so issued under the […]
419.4 Pledge of revenues. 1. The principal of and interest on any bonds, issued under authority of this chapter, shall be secured by a pledge of the revenues out of which such bonds shall be made payable. They may be secured by a mortgage covering all or any part of the project from which the […]
419.5 Determination of rent. 1. Prior to entering into a lease, sale contract or loan agreement with respect to any project, the governing body must determine the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; the amount necessary to […]
419.6 Refunding bonds. Any bonds, issued under the provisions of this chapter and at any time outstanding, may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to […]
419.7 Application of proceeds limited. The proceeds from the sale of any bonds, issued under authority of this chapter, shall be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such proceeds shall not be needed for the purpose for which the bonds were issued, […]
419.8 No payment by municipality. Repealed by 2009 Acts, ch 100, §20, 21 .
419.9 Public hearing. Prior to the issuance of any bonds under authority of this chapter, the municipality shall conduct a public hearing on the proposal to issue said bonds. Notice of intention to issue the bonds, specifying the amount and purpose thereof and the time and place of hearing, shall be published at least once […]
