Iowa Code 384.88 – Sole remedy
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Terms Used In Iowa Code 384.88
- and: includes the disjunctive "or" and the use of the disjunctive "or" includes the conjunctive "and" unless the context clearly indicates otherwise. See Iowa Code 384.23
- City enterprise: means any of the following, including the real estate, fixtures, equipment, accessories, appurtenances, and all property necessary or useful for the operation of any of the following:a. See Iowa Code 384.24
- City utility: means all or part of a waterworks, gasworks, sanitary sewage system, storm water drainage system, electric light and power plant and system, heating plant, cable communication or television system, telephone or telecommunications systems or services offered separately or combined with any system or service specified in this subsection or authorized by other law, any of which are owned by a city, including all land, easements, rights-of-way, fixtures, equipment, accessories, improvements, appurtenances, and other property necessary or useful for the operation of the utility. See Iowa Code 362.2
- Combined city enterprise: means two or more city enterprises combined and operated as a single enterprise. See Iowa Code 384.80
- Combined utility system: means two or more city utilities owned by a single city, and combined and operated as a single system. See Iowa Code 384.80
- Pledge order: means a promise to pay out of the net revenues of a city utility, combined utility system, city enterprise, or combined city enterprise, which is delivered to the contractors or other persons in payment of all or part of the cost of the project. See Iowa Code 384.80
- Revenue bond: means a negotiable bond issued by a city and payable from the net revenues of a city utility, combined utility system, city enterprise, or combined city enterprise. See Iowa Code 384.80
The sole remedy for a breach or default of a term of a revenue bond or pledge order is a proceeding in law or in equity by suit, action or mandamus to enforce and compel performance of the duties required by this subchapter and of the terms of the resolution authorizing the issuance of the revenue bonds or pledge orders, or to obtain the appointment of a receiver to take possession of and operate the city utility, combined utility system, city enterprise, or combined city enterprise, and to perform the duties required by this subchapter and the terms of the resolution authorizing the issuance of the revenue bonds or pledge orders.