123.155 - PROCEEDINGS.
123.155 PROCEEDINGS.
Revenue bonds shall be issued pursuant to one or more resolutions
of the commission adopted at a regular or special meeting by a
majority of the members in attendance. Revenue bonds may bear
interest at such rates, be in one or more series, bear such dates,
mature at times not exceeding thirty years from their respective
dates, be payable at places within or without the state, carry
registration privileges, be subject to terms of redemption, with or
without premium, be executed and contain terms, limitations,
covenants and conditions as the resolution provides.
The bonds shall be executed by the governor and attested by the
treasurer of state. The facsimile signature of either the governor
or treasurer of state may be printed on the face of each bond in lieu
of the manual signature of the officer. Interest coupons, if any,
shall be executed by the original or facsimile signature of the
treasurer of state. Bonds bearing the original or facsimile
signature of an officer in office on the date of the signing are
valid for all purposes, notwithstanding that before delivery the
signer has ceased to hold the office. Each bond shall state on its
face that it is payable solely from the revenues pledged thereto and
that it does not constitute a debt or charge against the state of
Iowa within the meaning or application of any constitutional or
statutory limitation or provision.
The proceedings authorizing the issuance of the bonds may provide
for the establishment of reserve funds or sinking funds as deemed
necessary for the application of surplus net revenues, and for the
continuation of liquor sale activities on a revenue producing basis
and the maintenance of net revenues at levels at least sufficient to
pay principal of and interest on the revenue bonds as they become due
and to maintain reserves or sinking funds therefor. Section History: Early Form
[C81, § 123.155]