SCHOOL BONDS AND INDEBTEDNESS
The Board of Directors may, upon receipt of a legal petition, or upon its own motion if legally authorized, conduct an election for authorization to issue school bonds. The election, the sale and the issuance of the bonds, the payment of the bonds, and the use of the proceeds of the bonds shall be in accordance with the laws of the State of Iowa and shall comply with federal tax laws in order to qualify them as tax-exempt bonds. Revenues generated from an approved bond issue shall be used only for the purpose(s) stated on the ballot and shall be deposited into the capital projects fund. However, once the purpose(s) is fulfilled, any balance remaining in a capital projects fund may be retained for future capital projects in accordance with the purpose stated on the ballot or any remaining balance may be transferred by a Board resolution to the debt service fund or to the physical plant and equipment levy fund. Voter approval is required to transfer monies to the general fund from the capital projects fund. Records of identity of owners of public bonds are confidential records and are not open to public inspection.
The Board of Directors may authorize the incurrence of indebtedness on behalf of the District when the Board determines that the acquisition of equipment and of other services are necessary for the District, and it is determined by the Board to be in the District’s best interests to acquire the equipment or services immediately. The total indebtedness shall not exceed Constitutional or statutory limitations and shall be issued in accordance with the laws of the State of Iowa.
Date of Review: April 9, 2018
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Date of Revision: April 9, 2018
01462725 |
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Legal References:
Iowa Constitution, Article XI, Section 3; 12C.9, 73A.12, 73A.16, 73A.19, Chapters 74A, 75 and 76, 277.2, 277.3, 278.1, 279.26, 279.48, 279.52, 285.10, Chapter 296, 297.36, 298.2, 298.16, 298.18-.24, 298A.9, 298A.10, 473.20, 721.2, Code of Iowa
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DECORAH COMMUNITY SCHOOL BOARD OF DIRECTORS