2009 Iowa Code
Title 8 - Transportation
Subtitle 1 - Highways and Waterways
CHAPTER 313A - INTERSTATE BRIDGES
313A.31 - REVENUE BONDS.

        313A.31  REVENUE BONDS.
         The department shall have the power and is hereby authorized by
      resolution to issue, sell, or pledge its revenue bonds in an amount
      sufficient to provide funds to pay all or any part of the costs of
      construction of a new bridge and approaches thereto and the
      reconstruction, improvement, and maintaining of an existing bridge
      and approaches thereto, including all costs of survey, acquisition of
      right of way, engineering, legal, fiscal and incidental expenses, to
      pay the interest due thereon during the period beginning with the
      date of issue of the bonds and ending at the expiration of six months
      after the first imposition and collection of tolls from the users of
      said bridges, and all costs incidental to the issuance and sale of
      the bonds.
         Except as may be otherwise specifically provided by statute, all
      of the other provisions of this chapter shall govern the issuance and
      sale of revenue bonds issued under this section, the execution
      thereof, the disbursement of the proceeds of issuance thereof, the
      interest rate or rates thereon, their form, terms, conditions,
      covenants, negotiability, denominations, maturity date or dates, the
      creation of special funds or accounts safeguarding and providing for
      the payment of the principal thereof and interest thereon, and their
      manner of redemption and retirement.
         Such bonds shall include a covenant that the payment of the
      principal thereof and the interest thereon are secured by a first and
      direct charge and lien on all of the tolls and other gross revenues
      received from the operation of said toll bridges and from any
      interest which may be earned from the deposit or investment of any
      such revenues.
         The tolls and charges shall be at all times fixed at rates
      sufficient to pay the bonds and interest as they mature, together
      with the creation and maintenance of bond reserve funds and other
      funds as established in the proceedings authorizing the issuance of
      the bonds.  

         [C71, 73, 75, 77, 79, 81, § 313A.31]