This text of Iowa § 313A.14 (Proceeds in trust fund) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
The proceeds from the sale of all bonds authorized and issued under the provisions of this
chapter shall be deposited by the department in a fund designated as the construction fund
of the particular interstate bridge or bridges for which such bonds were issued and sold,
which fund shall not be a state fund and shall at all times be kept segregated and set apart
from all other funds and in trust for the purposes herein set out. Such proceeds shall be
paid out or disbursed solely for the acquisition, purchase, or construction of such interstate
bridge or bridges and expenses incident thereto, the acquisition of the necessary lands and
easements therefor and the payment of interest on such bonds during the period of actual
construction and for a period of six months thereafter, only as the n
Free access — add to your briefcase to read the full text and ask questions with AI
The proceeds from the sale of all bonds authorized and issued under the provisions of this
chapter shall be deposited by the department in a fund designated as the construction fund
of the particular interstate bridge or bridges for which such bonds were issued and sold,
which fund shall not be a state fund and shall at all times be kept segregated and set apart
from all other funds and in trust for the purposes herein set out. Such proceeds shall be
paid out or disbursed solely for the acquisition, purchase, or construction of such interstate
bridge or bridges and expenses incident thereto, the acquisition of the necessary lands and
easements therefor and the payment of interest on such bonds during the period of actual
construction and for a period of six months thereafter, only as the need therefor shall arise
and the department may agree with the purchaser of said bonds upon any conditions or
limitations restricting the disbursement of such funds that may be deemed advisable, for
the purpose of assuring the proper application of such funds. All moneys in such fund and
not required to meet current construction costs of the interstate bridge or bridges for which
such bonds were issued and sold, and all funds constituting surplus revenues which are not
immediately needed for the particular object or purpose to which they must be applied or
are pledged may be invested in obligations issued or guaranteed by the United States or by
7 INTERSTATE BRIDGES, §313A.16
any person controlled by or supervised by and acting as an instrumentality of the United
StatespursuanttoauthoritygrantedbytheCongressoftheUnitedStates; provided, however,
that the department may provide in the proceedings authorizing the issuance of said bonds
that the investment of such moneys shall be made only in particular bonds and obligations
within the classifications eligible for such investment and such provisions shall thereupon be
binding upon the department and all officials having anything to do with such investment.
Any surplus which may exist in said construction fund shall be applied to the retirement of
bonds issued for the acquisition, purchase, or construction of any such interstate bridge by
purchase or call and, in the event such bonds cannot be purchased at a price satisfactory to
the department and are not by their terms callable prior to maturity, such surplus shall be
paid into the fund applicable to the payment of principal and interest of said bonds and shall
be used for that purpose. The proceedings authorizing the issuance of bonds may provide
limitationsandconditionsuponthetimeandmannerofapplyingsuchsurplustothepurchase
and call of outstanding bonds and the terms upon which they shall be purchased or called
and such limitations and conditions shall be followed and observed in the application and use
of such surplus. All bonds so retired by purchase or call shall be immediately canceled.