Iowa Code 390.25 – Pledge of revenue as security
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Terms Used In Iowa Code 390.25
- Contract: A legal written agreement that becomes binding when signed.
An electric power agency may pledge its rates, rents, and other revenues, or any part of such rates, rents, and revenues, as security for the repayment, with interest and redemption premiums, if any, of the moneys borrowed by the electric power agency or advanced to the electric power agency for any of its authorized purposes and as security for the payment of moneys due and owed by the electric power agency under any contract.