Title 54, State Government

Except as otherwise limited by this chapter, the commission may: 1. Enter into agreements, including financing agreements, with respect to its projects, operation, properties, and facilities, subject to agreements with holders of evidences of indebtedness. 2. Sue and be sued. 3. …

The public purpose of the commission is to promote the general welfare of the citizens of this state by providing financing for projects for use primarily by the state.

The state may transfer jurisdiction of or title to any property under its control to the commission. All state agencies may render any and all services to the commission as are within the area of their respective governmental functions and as may be required by the commission, in…

Notwithstanding any other provision in this chapter, the state may lease any project or other property to the commission, in lieu of a transfer of title, and the commission may sublease or leaseback any such project or property back to the state in connection with any financing b…

The commission may enter into financing agreements for any project with the state. The financing agreements may be entered into contemporaneously with any financing to be done by the commission and payments under the terms of the financing agreement shall begin at any time after …

Financing agreements may be entered into by the commission: 1. Upon terms, conditions, and payment provisions, subject to available appropriations, as in the judgment of the commission are in the public interest; and 2. For an original term of not to exceed two years, with an aut…

A financing agreement must provide that the state may, at the expiration of the original or any extended term, purchase the project at a stated price, which must be the balance of the total project cost not amortized by the payments previously made by the state. The financing agr…

A financing agreement may provide that the state shall provide insurance or, as additional payment under a financing agreement, pay the cost of insuring the project against loss or damage in such sum agreed to by the parties. The financing agreement may also provide for payment o…

A financing agreement must provide that payments due under the financing agreement are payable solely from appropriations to be made by the legislative assembly for such payment, money available to the state not requiring appropriation, money generated from charges made for use o…

Payments under a financing agreement for a project must be sufficient at all times to pay any maintenance and operation costs for the project, unless the maintenance and operation costs are otherwise provided for under the financing agreement, the principal of and interest on any…

All property owned by the commission is exempt from taxation.

The commission may at any time provide by resolution for the issuance of evidences of indebtedness for the purpose of paying all or any part of the cost of one or any combination of projects; provided, however, that no project may be leased by the commission to the state, nor any…

To accomplish its purposes, the commission may borrow and issue and sell evidences of indebtedness in an amount or amounts as the commission may determine, but not in excess of legislative authorization, plus costs of issuance, financing, interest during construction, and any evi…

The commission, pursuant to legislative authorization, may, by resolution, authorize preparation, sale, and issuance of evidences of indebtedness of the commission in amounts and at such times, in fully registered form, with final maturity of not more than thirty years. The evide…

Evidences of indebtedness are payable solely from: 1. Revenues to be derived by the commission from the operation of a project or projects; 2. Payments from the state pursuant to financing agreements, or from leases to others as provided by this chapter; 3. Funds appropriated by …

In any resolution of the commission relating to the issuance of any evidence of indebtedness, the commission may provide by covenants with the holders of the evidences of indebtedness, to: 1. Secure the evidences of indebtedness. 2. Covenant against pledging all or any part of it…

Evidences of indebtedness must be executed by a member or members of the commission as designated by the commission, or by facsimile signature and the manual signature of a designated authenticating agent. Any evidences of indebtedness bearing the signature of members in office a…

Evidences of indebtedness must state upon their face that they are payable solely from moneys derived by the commission as provided in this chapter. Evidences of indebtedness must state upon their face that they do not constitute an obligation of the state within the meaning of a…

The proceeds of and any revenue derived from the sale of evidences of indebtedness, charges, fees, or rentals, and all other revenue derived from any project undertaken pursuant to this chapter must be held in trust for the purposes of this chapter, in a special fund known as the…

The general fund amount of lease payments for a biennium associated with capital construction projects financed by the industrial commission acting as the state building authority may not exceed the amount equal to a portion of sales, use, and motor vehicle excise tax collections…