313A.31 Revenue bonds.
1. The department shall have the power and is hereby authorized by resolution to issue, sell, or pledge its revenue bonds in an amount sufficient to provide funds to pay all or any part of the costs of construction of a new bridge and approaches thereto and the reconstruction, improvement, and maintaining of an existing bridge and approaches thereto, including all costs of survey, acquisition of right-of-way, engineering, legal, fiscal and incidental expenses, to pay the interest due thereon during the period beginning with the date of issue of the bonds and ending at the expiration of six months after the first imposition and collection of tolls from the users of said bridges, and all costs incidental to the issuance and sale of the bonds.
2. Except as may be otherwise specifically provided by statute, all of the other provisions of this chapter shall govern the issuance and sale of revenue bonds issued under this section, the execution thereof, the disbursement of the proceeds of issuance thereof, the interest rate or rates thereon, their form, terms, conditions, covenants, negotiability, denominations, maturity date or dates, the creation of special funds or accounts safeguarding and providing for the payment of the principal thereof and interest thereon, and their manner of redemption and retirement.
3. Such bonds shall include a covenant that the payment of the principal thereof and the interest thereon are secured by a first and direct charge and lien on all of the tolls and other gross revenues received from the operation of said toll bridges and from any interest which may be earned from the deposit or investment of any such revenues.
4. The tolls and charges shall be at all times fixed at rates sufficient to pay the bonds and interest as they mature, together with the creation and maintenance of bond reserve funds and other funds as established in the proceedings authorizing the issuance of the bonds.
[C71, 73, 75, 77, 79, 81, §313A.31]
2017 Acts, ch 54, §76
Structure Iowa Code
Chapter 313A - INTERSTATE BRIDGES
Section 313A.2 - Bridge to be controlled by department.
Section 313A.3 - Toll bridges constructed over boundary rivers.
Section 313A.4 - Investigation of feasibility.
Section 313A.5 - Acquiring existing bridge — bonds.
Section 313A.6 - Rules adopted — financial statements.
Section 313A.7 - Resolution of public interest and necessity — revenue bonds.
Section 313A.8 - Right-of-way secured.
Section 313A.9 - Consent to cross state property.
Section 313A.10 - Resolution precedent to action.
Section 313A.11 - Payment from available funds.
Section 313A.12 - Revenue bonds.
Section 313A.13 - Sale and exchange or retirement of bonds.
Section 313A.14 - Proceeds in trust fund.
Section 313A.15 - Toll revenue fund.
Section 313A.16 - Funds transferred to place of payment.
Section 313A.17 - Warrants for payment.
Section 313A.18 - Depositaries or paying agents.
Section 313A.19 - Expenses of department.
Section 313A.20 - No diminution of duties while bonds outstanding.
Section 313A.21 - Insurance or indemnity bond.
Section 313A.22 - Toll charges fixed by department.
Section 313A.23 - Political subdivision may aid.
Section 313A.24 - Sale of excess land to political subdivisions.
Section 313A.25 - Sale to public.
Section 313A.26 - Acceptance or rejection of bids.
Section 313A.27 - Franchises for use of bridge.
Section 313A.28 - Deposit of proceeds.
Section 313A.29 - Tolls imposed for improving other bridges.
Section 313A.30 - Bridges as part of primary roads.
Section 313A.31 - Revenue bonds.
Section 313A.32 - Operation and control of bridge.
Section 313A.33 - No obligation of state.
Section 313A.34 - Agreements with other states.
Section 313A.36 - Purposes of powers granted.
Section 313A.37 - Failure to pay toll — penalty.