2009 Iowa Code
Title 8 - Transportation
Subtitle 1 - Highways and Waterways
CHAPTER 313A - INTERSTATE BRIDGES
313A.7 - RESOLUTION OF PUBLIC INTEREST AND NECESSITY -- REVENUE BONDS.

        313A.7  RESOLUTION OF PUBLIC INTEREST AND NECESSITY --
      REVENUE BONDS.
         Whenever the department deems it to be in the best interest of the
      primary highway system that any new toll bridge be constructed upon
      any public highway and across any navigable river between this state
      and an adjoining state, the department shall adopt a resolution
      declaring that the public interest and necessity require the
      construction of such toll bridge and authorizing the issuance of
      revenue bonds in an amount sufficient for the purpose of obtaining
      funds for such construction.  The issuance of bonds as provided in
      this chapter for the construction, purchase, or acquisition of more
      than one toll bridge may, at the discretion of the department, be
      included in the same authority and issue or issues of bonds, and the
      department is hereby authorized to pledge the gross revenues derived
      from the operation of any such toll bridge under its control and
      jurisdiction to pay the principal of and interest on bonds issued to
      pay the cost of purchasing, acquiring, or constructing any such toll
      bridge financed under the provisions of this chapter.  The department
      is hereby granted wide discretion, in connection with the financing
      of the cost of any toll bridge, to pledge the gross revenues of a
      single toll bridge for the payment of bonds and interest thereon
      issued to pay the cost of such bridge and to pledge the gross
      revenues of two or more toll bridges to pay bonds issued to pay the
      cost of one or more toll bridges and interest thereon as long as the
      several bridges included herein are not more than ten miles apart.
         In addition, if the department in its discretion determines that
      the construction of a toll bridge cannot be financed entirely through
      revenue bonds and that the construction of such toll bridge is
      necessary, the department may advance funds from the primary highway
      fund to pay for that part of the construction cost, including the
      cost of approaches and all incidental costs, which is not paid out of
      the proceeds of revenue bonds.  However, said funds advanced from the
      primary highway fund shall be used only to pay the construction cost,
      including the cost of approaches and all incidental costs, with
      respect to that part of the bridge which is or will be located within
      the state of Iowa.  After all revenue bonds and interest thereon
      issued and sold pursuant to this chapter and payable from the tolls
      and revenues of said bridge have been fully paid and redeemed or
      funds sufficient to pay said bonds and interest, including premium,
      if any, have been set aside and pledged for that purpose, then such
      amount advanced from the primary road fund shall be repaid to the
      primary road fund from the tolls and revenues of said bridge before
      said bridge is made a toll free bridge under the provisions of this
      chapter.  

         [C71, 73, 75, 77, 79, 81, § 313A.7]
         Referred to in § 313A.16