Iowa Code 257C.2 – Legislative findings
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The general assembly finds as follows:
1. The establishment of the authority is in all respects for the benefit of the people of the state of Iowa and the improvement of the financing procedures for Iowa’s schools.
Terms Used In Iowa Code 257C.2
- Authority: means the Iowa advance funding authority created by this chapter. See Iowa Code 257C.3
- Property: means a tangible object, animate or inanimate, under a museum's care which has intrinsic historic, artistic, scientific, or cultural value. See Iowa Code 305B.2
- School: includes each public school district as defined in chapter 274, area education agency as defined in chapter 273 and community college as defined in chapter 260C. See Iowa Code 257C.3
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. The authority will be performing an essential governmental function in the exercise of the powers and duties conferred upon it by this chapter.
3. Iowa schools face a serious and increasing problem with cash flow difficulties caused, among other factors, by increasing reliance on state school foundation aid, delays in the payment of state school foundation aid, and the periodic payment of property taxes for school purposes.
4. As a result of their increasing cash flow difficulties, Iowa schools have had to borrow on a short-term basis larger amounts of funds more often, thus increasing their borrowing costs significantly.
5. The short-term borrowing costs of Iowa schools are a direct burden on the taxpayers of the state.
6. It is necessary to create the authority to provide a means for Iowa schools to reduce substantially or eliminate their short-term borrowing costs and thus reduce costs to the taxpayers.
7. All of the purposes stated in this section are public purposes and uses for which public moneys may be borrowed, expended, advanced, loaned or granted.