| LAWS OF THE 2001 REGULAR SESSION OF THE SEVENTY-NINTH GENERAL ASSEMBLY OF THE STATE OF IOWA |
WHEREAS, the sixth judicial district department of correctional services entered into a lease-purchase agreement with Merchants National Bank of Cedar Rapids on April 1, 1991, for real property located in Johnson and Linn counties where the current community-based correctional facilities are now located; and
WHEREAS, the lease-purchase agreement was assigned to Firstar Bank of Milwaukee; and
WHEREAS, the sixth judicial district department of correctional services is desirous to exercise an option in the lease-purchase agreement to acquire approximately ten acres of real property located next to the community-based correctional facility in Cedar Rapids, Iowa, or is desirous to enter into a new lease-purchase agreement to refund the current lease-purchase agreement and to acquire such property; and
WHEREAS, the current lease-purchase agreement is for a term commencing on April 25, 1991, and ending on June 1, 2006; and
WHEREAS, if a new lease-purchase agreement is entered into, the term would commence in the year 2001, and end on June 1, 2008; and
WHEREAS, the sixth judicial district department of correctional services requests authorization from the general assembly pursuant to Code section 905.4, subsection 5, for an extension of the lease-purchase agreement with Firstar Bank of Milwaukee; and
WHEREAS, the sixth judicial district department of correctional services requests authorization to enter into a new lease-purchase agreement in lieu of extending the current lease-purchase agreement if the district department so desires; and
WHEREAS, the requested extension of the lease-purchase agreement is for a term commencing on June 1, 2006, and ending on June 1, 2008; and
WHEREAS, current funding is adequate to meet the extension of or entering into a new lease-purchase obligation and no general fund moneys need to be appropriated to extend or enter into a new lease-purchase agreement; NOW THEREFORE,
Section 1. AUTHORIZATION BY GENERAL ASSEMBLY. The general assembly pursuant to Code section 905.4, subsection 5, authorizes the sixth judicial district department of correctional services to extend for a period of two years, from June 1, 2006, through June 1, 2008, the lease-purchase agreement entered into with Merchants National Bank of Cedar Rapids on April 1, 1991, and assigned to Firstar Bank of Milwaukee for the acquisition of approximately ten acres of real property located next to the community-based correctional facility in Cedar Rapids, Iowa. The general assembly also authorizes the sixth judicial district department of correctional services, in lieu of extending the current lease-purchase agreement, to enter into a new lease-purchase agreement for a period beginning in the year 2001 and extending through June 1, 2008, for the purpose of refunding the current lease-purchase agreement and financing the acquisition of approximately ten acres of real property located next to the community-based correctional facility in Cedar Rapids, Iowa. The general assembly acknowledges that the sixth judicial district department of correctional services has adequate funding to meet the extension or entering into of a new lease-purchase agreement and that no state general fund appropriations need to be made to extend or enter into a new lease-purchase agreement.
Sec. 2. EFFECTIVE DATE. This joint resolution, being deemed of immediate importance, takes effect upon enactment.
Approved May 7, 2001
Updated: 01-Nov-2001 12:34 PM
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