1. The board of directors of an electric power agency, by resolution, may authorize the issuance of public bonds or obligations of the electric power agency.

Terms Used In Iowa Code 390.13

  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means an individual, firm, partnership, domestic or foreign corporation, company, association or joint stock association, trust, or other legal entity, and includes a trustee, receiver, assignee, or similar representative thereof, but does not include a governmental body. See Iowa Code 362.2
  • 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 public bonds or obligations may be issued in one or more series under the resolution or under a trust indenture or other security agreement.
 3. The resolution, trust indenture, or other security agreement, with respect to such public bonds or obligations, shall provide for all of the following:

 a. The date on the public bonds or obligations.
 b. The time of maturity.
 c. The rate of interest.
 d. The denomination.
 e. The form, either coupon or registered.
 f. The conversion, registration, and exchange privileges.
 g. The rank or priority.
 h. The manner of execution.
 i. The medium of payment, including the place of payment, either within or outside of the state.
 j. The terms of redemption, either with or without premium.
 k. Such other terms and conditions as set forth by the board in the resolution, trust indenture, or other security agreement.
 4. Public bonds or obligations authorized by the board of directors shall not be subject to any restriction under other law with respect to the amount, maturity, interest rate, or other terms of obligation of a public agency or private person.
 5. Chapter 75 shall not apply to public bonds or obligations authorized by the board of directors as provided in this section.
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