2009 Iowa Code
Title 8 - Transportation
Subtitle 1 - Highways and Waterways
CHAPTER 313A - INTERSTATE BRIDGES
313A.12 - REVENUE BONDS.

        313A.12  REVENUE BONDS.
         The department is hereby authorized and empowered to issue revenue
      bonds for the acquisition, purchase or construction of any interstate
      bridge.  Any and all bonds issued by the department for the
      acquisition, purchase, or construction of any interstate bridge under
      the authority of this chapter shall be issued in the name of the
      department and shall constitute obligations only of the department,
      shall be identified by some appropriate name, and shall contain a
      recital on the face thereof that the payment or redemption of said
      bonds and the payment of the interest thereon are secured by a direct
      charge and lien upon the tolls and other revenues of any nature
      whatever received from the operation of the particular bridge for the
      acquisition, purchase, or construction of which the bonds are issued
      and of such other bridge or bridges as may have been pledged
      therefor, and that neither the payment of the principal or any part
      thereof nor of the interest thereon or any part thereof constitutes a
      debt, liability, or obligation of the state of Iowa.  When it is
      determined by the department to be in the best public interest, any
      bonds issued under the provisions of this chapter may be refunded and
      refinanced at a lower rate, the same rate or a higher rate or rates
      of interest and from time to time as often as the department shall
      find it to be advisable and necessary so to do.  Bonds issued to
      refund other bonds theretofore issued by the department under the
      provisions of this chapter may either be sold in the manner
      hereinafter provided and the proceeds thereof applied to the payment
      of the bonds being refunded, or the refunding bonds may be exchanged
      for and in payment and discharge of the bonds being refunded.  The
      refunding bonds may be sold or exchanged in installments at different
      times or an entire issue or series may be sold or exchanged at one
      time.  Any issue or series of refunding bonds may be exchanged in
      part or sold in part in installments at different times or at one
      time.  The refunding bonds may be sold at any time on, before, or
      after the maturity of any of the outstanding bonds to be refinanced
      thereby and may be issued for the purpose of refunding a like or
      greater principal amount of bonds, except that the principal amount
      of the refunding bonds may exceed the principal amount of the bonds
      to be refunded to the extent necessary to pay any premium due on the
      call of the bonds to be refunded or to fund interest in arrears or
      about to become due.  The gross revenues of any toll bridge pledged
      to the payment of the bonds being refunded, together with the
      unpledged gross revenues of any other toll bridges located within ten
      miles of said bridge, may be pledged by the department to pay the
      principal of and interest on the refunding bonds and to create and
      maintain reserves therefor.
         The department is empowered to receive and accept funds from the
      state of Iowa or the federal government or any other state upon a
      co-operative or other basis for the acquisition, purchase, or
      construction of any interstate bridge authorized under the provisions
      of this chapter and is empowered to enter into such agreements with
      the state of Iowa or any other state or the federal government as may
      be required for the securing of such funds.
         The department is authorized and empowered to spend from annual
      primary road fund receipts sufficient moneys to pay the cost of
      operation, maintenance, insurance, collection of tolls and accounting
      therefor and all other charges incidental to the operation and
      maintenance of any toll bridge administered under the provisions of
      this chapter.  However, said annual primary road fund receipts shall
      be used only to pay such costs and charges with respect to that part
      of the bridge which is located within the state of Iowa.
         The department may also issue its revenue bonds to pay all or any
      part of the cost of acquiring two or more existing interstate bridges
      and any partially constructed interstate bridge, all located within
      ten miles of each other, of completing the partially constructed
      bridge and of dismantling the bridge which it is designed to replace,
      and to impose and collect tolls on all of such bridges and to pledge
      the revenues derived therefrom to the payment of the bonds issued to
      finance such project.  The department may also issue its revenue
      bonds to pay all or any part of the cost of reconstructing,
      completing, improving, repairing, or remodeling any interstate bridge
      or partially constructed bridge, impose and collect tolls, and pledge
      the bridge revenues to the payment of said bonds.  

         [C71, 73, 75, 77, 79, 81, § 313A.12]
         Referred to in § 313A.16