76.17 - POWERS OF PUBLIC ISSUERS.

        76.17  POWERS OF PUBLIC ISSUERS.
         1.  A public body authorized to issue bonds may elect to issue
      bonds bearing a variable or fluctuating rate of interest which is
      determined on one or more intervals by reference to an index or
      standard, or as fixed by an interest rate indexing or remarketing
      agent retained by the issuer of the bonds.  A public issuer of public
      bonds may provide for additional security or liquidity, enter into
      agreements for, and expend funds for policies of insurance, letters
      of credit, lines of credit, or other forms of security issued by
      financial institutions for the payment of principal, premium, if any,
      and interest on the bonds.  A public issuer of public bonds may also
      enter into contracts and pay for the services of underwriters,
      interest rate indexing agents, remarketing agents, trustees,
      financial consultants, depositories, and other services as determined
      by the governing body.  In the case of general obligation bonds, fees
      for the services and costs of additional security and liquidity shall
      be considered incurred in lieu of interest and may be levied through
      the fund for payment of debt service on the bonds.  Bonds issued
      under this section may be sold at public or private sale as
      determined by the governing body.
         2.  This section provides alternative and additional power for the
      issuance of bonds and is not an amendment to any other statute or a
      limitation upon powers under any other law.
         3.  A public issuer of public bonds may provide for the purchase
      of bonds before their maturity and the remarketing of purchased bonds
      without causing the redemption of the purchased bonds.  
         Section History: Recent Form
         87 Acts, ch 104, § 3
         Referred to in § 263A.4