384.26 General obligation bonds for general purposes.
1. A city which proposes to carry out any general corporate purpose within or without its corporate limits, and to contract indebtedness and issue general obligation bonds to provide funds to pay all or any part of the costs of a project, must do so in accordance with the provisions of this subchapter.
2. Before the council may institute proceedings for the issuance of bonds for a general corporate purpose, it shall call a special city election to vote upon the question of issuing the bonds. At the election the proposition must be submitted in the following form:
Shall the ................................................ (insert the name of the city) issue its bonds in an amount not exceeding the amount of $................ for the purpose of ........................................?
3. Notice of the election must be given by publication as required by section 49.53 in a newspaper of general circulation in the city. At the election the ballot used for the submission of the proposition must be in substantially the form for submitting special questions at general elections.
4. The proposition of issuing general corporate purpose bonds is not carried or adopted unless the vote in favor of the proposition is equal to at least sixty percent of the total vote cast for and against the proposition at the election. If the proposition of issuing the general corporate purpose bonds is approved by the voters, the city may proceed with the issuance of the bonds.
5. a. Notwithstanding the provisions of subsection 2, a council may, in lieu of calling an election, institute proceedings for the issuance of bonds for a general corporate purpose by causing a notice of the proposal to issue the bonds, including a statement of the amount and purpose of the bonds, together with the maximum rate of interest which the bonds are to bear, and the right to petition for an election, to be published at least once in a newspaper of general circulation within the city at least ten days prior to the meeting at which it is proposed to take action for the issuance of the bonds subject to the following limitations:
(1) In cities having a population of five thousand or less, in an amount of not more than four hundred thousand dollars.
(2) In cities having a population of more than five thousand and not more than seventy-five thousand, in an amount of not more than seven hundred thousand dollars.
(3) In cities having a population in excess of seventy-five thousand, in an amount of not more than one million dollars.
b. If at any time before the date fixed for taking action for the issuance of the bonds, a petition is filed with the clerk of the city in the manner provided by section 362.4, asking that the question of issuing the bonds be submitted to the registered voters of the city, the council shall either by resolution declare the proposal to issue the bonds to have been abandoned or shall direct the county commissioner of elections to call a special election upon the question of issuing the bonds. Notice of the election and its conduct shall be in the manner provided in the preceding subsections of this section.
c. If no petition is filed, or if a petition is filed and the proposition of issuing the bonds is approved at an election, the council may proceed with the authorization and issuance of the bonds.
[C73, §461; C97, §727, 741-4, 852 – 855; S13, §727, 741-q, -r, -v, -w2, 850-c, -e, -f, 1306-d, -e; SS15, §696-b, 741-f, -g, -h, 879-r, -s; C24, 27, §5793 – 5795, 5800 – 5804, 5902, 6241, 6244 – 6246, 6248; C31, 35, §5793 – 5795, 5800 – 5804, 5902, 5903-c5, 6241, 6244 – 6246, 6248; C39, §5793 – 5795, 5800 – 5804, 5902, 5903.05, 6241, 6244 – 6246, 6248, 6261.1; C46, 50, §330.7, 330.8, 370.7 – 370.9, 370.15 – 370.19, 384.3, 407.5, 407.8 – 407.10, 407.12, 408.11; C54, 58, 62, 66, §330.7, 370.7, 384.3, 390.13, 407.5, 407.8 – 407.10, 407.12; C71, 73, §330.7, 370.7, 378A.11, 384.3, 390.13, 407.5, 407.8 – 407.10, 407.12, 408A.1, 408A.2, 408A.6; C75, 77, 79, 81, §384.26]
92 Acts, ch 1138, §6; 95 Acts, ch 67, §53; 2018 Acts, ch 1041, §127
Referred to in §28E.17, 37.6, 357E.11A, 364.4, 384.24, 384.24A, 384.25, 384.28, 384.71, 389.4, 390.5
Structure Iowa Code
Section 384.1 - Taxes certified.
Section 384.2 - Fiscal year and tax year.
Section 384.3A - Franchise fee account — use of franchise fee revenues.
Section 384.4 - Debt service fund.
Section 384.6 - Trust and agency funds.
Section 384.7 - Capital improvements fund.
Section 384.8 - Emergency fund.
Section 384.9 - Additional funds.
Section 384.10 - Short-term loans.
Section 384.11 - Direct deposit of taxes.
Section 384.12 - Additional taxes.
Section 384.13 - City finance committee.
Section 384.14 - Office, expenses, compensation.
Section 384.15 - Duties — rules — law enforcement officer training reimbursement.
Section 384.15A - Resolution establishing maximum property tax dollars — notice — hearing.
Section 384.17 - Levy by county.
Section 384.18 - Budget amendment.
Section 384.19 - Written protest.
Section 384.20 - Separate accounts.
Section 384.21 - Joint investment of funds.
Section 384.22 - Annual reports — financial report — urban renewal report.
Section 384.23 - Construction of words “and” and “or”.
Section 384.24A - Loan agreements.
Section 384.25 - General obligation bonds for essential purposes.
Section 384.26 - General obligation bonds for general purposes.
Section 384.27 - Sale of bonds.
Section 384.28 - Categories for general obligation bonds.
Section 384.29 - Form of bonds.
Section 384.34 - Local budget law.
Section 384.35 - Rule of construction.
Section 384.36 - Prior proceedings.
Section 384.38 - Certain costs assessed to private property.
Section 384.39 - Improvements brought to grade.
Section 384.40 - Underground improvements.
Section 384.41 - Petition by property owners.
Section 384.42 - Procedure on public improvement.
Section 384.43 - Preliminary plans.
Section 384.44 - Estimated cost.
Section 384.46 - Lot valuations.
Section 384.48 - Adoption of plat.
Section 384.49 - Resolution of necessity.
Section 384.50 - Notice of hearing.
Section 384.51 - Adoption of resolution.
Section 384.52 - Detailed plans and specifications.
Section 384.53 - Procedures to let contract.
Section 384.54 - Confirmation by decree.
Section 384.55 - Notice of paving to water board.
Section 384.57 - Monthly payments.
Section 384.58 - Inspection of work.
Section 384.59 - Assessment schedule.
Section 384.60 - Adoption of schedule.
Section 384.61 - Assessment of benefits.
Section 384.63 - Insufficiency — certification to county treasurer — deficiency assessment.
Section 384.64 - Assessment to railway company.
Section 384.65 - Installments due.
Section 384.66 - Test of regularity.
Section 384.67 - Payment to county treasurer.
Section 384.68 - Bonds issued.
Section 384.69 - Property sold at tax sale.
Section 384.70 - Redemption by bondholder.
Section 384.71 - Costs paid from applicable funds.
Section 384.72 - Reassessment and relevy.
Section 384.73 - Void tax or assessment.
Section 384.74 - Correction of errors.
Section 384.75 - Special provisions.
Section 384.76 - Application to joint undertakings.
Section 384.77 - Assessments along railways.
Section 384.78 - Prior proceedings.
Section 384.79 - Conflicting provisions.
Section 384.81 - Provisions of city code exclusive — combined utility or enterprise.
Section 384.82 - Authority — revenue bonds — pledge orders.
Section 384.83 - Procedures for revenue bonds and pledge orders.
Section 384.84 - Rates and charges — billing and collection — contracts.
Section 384.84A - Special election.
Section 384.85 - Records — accounts — deposits.
Section 384.86 - Pledge valid and effective.
Section 384.87 - Payable from revenues.
Section 384.89 - Transfer of surplus.
Section 384.90 - Part payment from other bonds and other sources.
Section 384.91 - City to pay for services.
Section 384.92 - Statute of limitation.
Section 384.93 - Conflicting provisions.
Section 384.94 - Prior projects preserved.
Section 384.97 - Notice to bidders.
Section 384.98 - Bid security.
Section 384.99 - Award of contract.
Section 384.100 - Opening and considering bids.
Section 384.101 - Delegation of authority.
Section 384.102 - When hearing necessary.
Section 384.103 - Bonds authorized — emergency repairs.
Section 384.110 - Insurance, self-insurance, and risk pooling funds.