Iowa HSB302 amends the definition of "essential corporate purpose" to include conduit projects.

Iowa HSB302 modifies the Code section 384.24 to expand the definition of "essential corporate purpose" to include the acquisition, construction, reconstruction, expansion, improvement, and repair of conduit and the acquisition of real estate interests needed for such purposes. This change allows city councils to contract indebtedness and approve the issuance of general obligation bonds for these conduit projects without voter approval.

Iowa HSB302 amends the definition of "essential corporate purpose" to include conduit projects.

Iowa HSB302 modifies the Code section 384.24 to expand the definition of "essential corporate purpose" to include the acquisition, construction, reconstruction, expansion, improvement, and repair of conduit and the acquisition of real estate interests needed for such purposes. This change allows city councils to contract indebtedness and approve the issuance of general obligation bonds for these conduit projects without voter approval.