Iowa Code § 468.566
Refinancing powers
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2021
As of January 1, 2012
In order to effect such loan, the governing body of such district, or board of supervisors, is authorized to execute such agreements and contracts, and to fulfill such requirements of the loaning agency as are not inconsistent with this part; and to issue, and pledge or sell such bonds at their face value to the said Reconstruction Finance Corporation, or other loaning agency, furnishing the funds for such debt readjustment, in the amount required for such adjustment.
1. In order to effect a loan under section 468.565, the governing body of a district, or board of supervisors, is authorized to execute such agreements and contracts, and to fulfill such requirements of the loaning agency as are not inconsistent with this part; and to issue, and pledge or sell the bonds at their face value to the reconstruction finance corporation, or other loaning agency, furnishing the funds for the debt readjustment, in the amount required for the adjustment.
The governing body, or board of supervisors, shall also have the authority as a part of such plan of refinancing, adjusting, composing, and refunding its indebtedness, to cancel the old assessments collectible against the land within the district, pledged to the payment of its outstanding indebtedness and proportionately and equitably relevy the same, with interest, over the period covered by the new bonds, in an amount sufficient to pay said new bonds and interest thereon, provided, however, that the new assessments thereby created against any tract of land within the district shall not be in excess of the unpaid assessments against such tract before the readjustment or composition is made, and provided further, that such new and extended assessment against such tract shall fully replace the old assessment.
2. The governing body, or board of supervisors, shall also have the authority as a part of the plan of refinancing, adjusting, composing, and refunding of the district’s indebtedness, to cancel the old assessments collectible against the land within the district, pledged to the payment of the district’s outstanding indebtedness and proportionately and equitably to relevy the assessments, with interest, over the period covered by the new bonds, in an amount sufficient to pay the new bonds and interest on the bonds. However, the new assessments created against any tract of land within the district shall not be in excess of the unpaid assessments against the tract before the readjustment or composition is made, and the new and extended assessment against the tract shall fully replace the old assessment.
89 Acts, ch 126, §2
89 Acts, ch 126, §2
CS89, §468.566
CS89, §468.566
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.