Iowa Code 12A.8 – Bonds secured by authorizing documents
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Terms Used In Iowa Code 12A.8
- Authorizing documents: means a resolution of the issuer, an indenture of trust, or any other instrument setting forth the terms and conditions of bonds issued in accordance with the provisions of this chapter. See Iowa Code 12A.1
- Bonds: means bonds, including refunding bonds, notes, and other obligations issued by an issuer. See Iowa Code 12A.1
- Contract: A legal written agreement that becomes binding when signed.
- Issuer: means the state, a department or public or quasi-public agency or instrumentality of the state, or an authority of the state, authorized and enabled to issue bonds in accordance with the provisions of this chapter. See Iowa Code 12A.1
- Lien: A claim against real or personal property in satisfaction of a debt.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
The authorizing documents may pledge or assign the revenue to be received for payment of the bonds or the proceeds of any contract pledged. A pledge or assignment made by the issuer pursuant to this chapter is valid and binding from the time that the pledge or assignment is made, and the revenue pledged and thereafter received by the issuer is immediately subject to the lien of the pledge or assignment without physical delivery or any further act. The lien of the pledge or assignment is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the issuer irrespective of whether the parties have notice of the lien. The authorizing documents may contain other provisions the issuer deems reasonable and proper for the security of the bond holders.