Section 419.14 – Eminent domain not available.
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
Section 419.15 – Limitation of actions.
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, […]
Section 419.16 – Intent of law.
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 […]
Section 419.1 – Definitions.
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 […]
Section 419.2 – Powers.
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, […]
Section 419.3 – Bonds as limited obligations.
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 […]
Section 419.4 – Pledge of revenues.
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 […]
Section 419.5 – Determination of rent.
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 […]