2009 Iowa Code
Title 8 - Transportation
Subtitle 1 - Highways and Waterways
CHAPTER 313A - INTERSTATE BRIDGES
313A.13 - SALE AND EXCHANGE OR RETIREMENT OF BONDS.

        313A.13  SALE AND EXCHANGE OR RETIREMENT OF BONDS.
         The revenue bonds may be issued and sold or exchanged by the
      department from time to time and in such amounts as it deems
      necessary to provide sufficient funds for the acquisition, purchase,
      or construction of any such bridge and to pay interest on bonds
      issued for the construction of any toll bridge during the period of
      actual construction and for six months after completion thereof.  The
      department is hereby authorized to adopt all necessary resolutions
      prescribing the form, conditions, and denominations of the bonds, the
      maturity dates therefor, and the interest rate or rates which the
      bonds shall bear.  All bonds of the same issue need not bear the same
      interest rate.  Principal and interest of the bonds shall be payable
      at such place or places within or without the state of Iowa as
      determined by the department, and the bonds may contain provisions
      for registration as to principal or interest, or both.  Interest
      shall be payable at such times as determined by the department and
      the bonds shall mature at such times and in such amounts as the
      department prescribes.  The department may provide for the retirement
      of the bonds at any time prior to maturity, and in such manner and
      upon payment of such premiums as it may determine in the resolution
      providing for the issuance of the bonds.  All such bonds and any
      coupons attached thereto shall be signed by such officials of the
      department as the department may direct.  Successive issues of such
      bonds within the limits of the original authorization shall have
      equal preference with respect to the payment of the principal thereof
      and the payment of interest thereon.  The department may fix
      different maturity dates, serially or otherwise, for successive
      issues under any one original authorization.  All bonds issued under
      the provisions of this chapter shall have all the qualities of
      negotiable instruments under the laws of the state of Iowa.  All
      bonds issued and sold hereunder shall be sold to the highest and best
      bidder on the basis of sealed proposals received pursuant to a notice
      specifying the time and place of sale and the amount of bonds to be
      sold which shall be published at least once not less than seven days
      prior to the sale in a newspaper published in the state of Iowa and
      having a general circulation in said state.  None of the provisions
      of chapter 75 shall apply to bonds issued under the provisions of
      this chapter but such bonds shall be sold upon terms of not less than
      par plus accrued interest.  The department may reject any or all bids
      received at the public sale and may thereafter sell the bonds at
      private sale on such terms and conditions as it deems most
      advantageous to its own interests, but not at a price below that of
      the best bid received at the advertised sale.  The department may
      enter into contracts and borrow money through the sale of bonds of
      the same character as those herein authorized, from the United States
      or any agency thereof, upon such conditions and terms as may be
      agreed to and the bonds shall be subject to all the provisions of
      this chapter, except that any bonds issued hereunder to the United
      States or any agency thereof need not first be offered at public
      sale.  The department may also provide for the private sale of bonds
      issued under the provisions of this chapter to the state treasurer of
      Iowa upon such terms and conditions as may be agreed upon, and in
      such event said bonds need not first be offered at public sale.
      Temporary or interim bonds, certificates, or receipts, of any
      denomination, and with or without coupons attached, signed by such
      official as the department may direct, may be issued and delivered
      until the definitive bonds are executed and available for delivery.
      

         [C71, 73, 75, 77, 79, 81, § 313A.13]