16.103 - IOWA ECONOMIC DEVELOPMENT BOND BANK PROGRAM -- SPECIFIC POWERS. - Iowa Statutes

16.103 IOWA ECONOMIC DEVELOPMENT BOND BANK PROGRAM -- SPECIFIC POWERS. In carrying out the Iowa economic development bond bank program, the authority may do any of the following: 1. Make secured and unsecured loans for both the acquisition and the construction of projects on terms the authority determines. Any loan made with respect to any project for which a loan may be made pursuant to chapter 175 shall be made only upon the request and with the consent of the agricultural development authority. The loans may be made to any person or entity including, but not limited to, a city, a county, and the agricultural development authority for projects approved by the Iowa finance authority. The Iowa finance authority may take any action which is reasonable and lawful to protect its security and to avoid losses from its loans. 2. Acquire, hold, and mortgage personal property and real estate and interests in real estate to be used as a project. 3. Purchase, construct, improve, furnish, equip, lease, option, sell, exchange, or otherwise dispose of one or more projects under the terms the authority determines. However, in the lease, sale, or loan agreement relating to a project, the authority shall provide for adequate maintenance of the project. 4. Grant a mortgage, lien, pledge, assignment, or other encumbrance on one or more projects, revenues, or reserve or other funds established in connection with obligations, or with respect to a lease, sale, or loan relating to one or more projects, or a guaranty or insurance agreement relating to one or more projects, or a secured or unsecured interest of the authority in one or more projects or parts of one or more projects. 5. Provide that the interest on obligations may vary in accordance with a base or formula authorized by the authority. 6. Contract for the acquisition, construction, or both of one or more projects or parts of one or more projects and for the leasing, subleasing, sale, or other disposition of one or more projects in a manner determined by the authority.          Section History: Recent Form 86 Acts, ch 1212, § 4 C87, § 220.103 C93, § 16.103 Referred to in § 16.106