Section 76.1. Mandatory retirement.

Latest version.

  1.  Hereafter issues of bonds of every kind and character by counties, cities, and school corporations shall be consecutively numbered.
  2.  a.  The annual levy shall be sufficient to pay the interest and approximately such portion of the principal of the bonds as will retire them in a period not exceeding twenty years from date of issue, except as provided in paragraph “b”.
  b.  General obligation bonds issued for the purposes specified in section 331.441, subsection 2, paragraph “b”, subparagraphs (18) and (19), or in section 384.24, subsection 3, paragraphs “w” and “x”, and bonds issued to refund or refinance bonds issued for those purposes, may mature and be retired in a period not exceeding thirty years from date of issue.
  3.  Each issue of bonds shall be scheduled to mature in the same order as numbered.
[C27, 31, 35, §1179-b1; C39, §1179.1; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §76.1]
2009 Acts, ch 100, §5, 21

                    
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