Iowa § 313A.16 Funds transferred to place of payment

Iowa Statutes

§ 313A.16 — Funds transferred to place of payment

Iowa § 313A.16

Title VIIITRANSPORTATION

Ch. 313AINTERSTATE BRIDGES

This text of Iowa § 313A.16 (Funds transferred to place of payment) 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.

Bluebook

Iowa Code § 313A.16 (2026).

Text

From the money so deposited in each separate construction fund as hereinabove provided,
at the direction of the department there shall be transferred to the place or places of payment
namedinsaidbondssuchsumsasmayberequiredtopaytheinterestasitbecomesdueonall
bondsissuedandoutstandingfortheconstructionofsuchparticulartollbridgeortollbridges
during the period of actual construction and during the period of six months immediately
thereafter. The department shall thereafter transfer from each separate toll revenue fund to
theplaceorplacesofpaymentnamedinthebondsforwhichsaidrevenueshavebeenpledged
such sums as may be required to pay the interest on said bonds and redeem the principal
thereof as such interest and principal become due. All funds so transferred for the payment
of principal of or i

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From the money so deposited in each separate construction fund as hereinabove provided,
at the direction of the department there shall be transferred to the place or places of payment
namedinsaidbondssuchsumsasmayberequiredtopaytheinterestasitbecomesdueonall
bondsissuedandoutstandingfortheconstructionofsuchparticulartollbridgeortollbridges
during the period of actual construction and during the period of six months immediately
thereafter. The department shall thereafter transfer from each separate toll revenue fund to
theplaceorplacesofpaymentnamedinthebondsforwhichsaidrevenueshavebeenpledged
such sums as may be required to pay the interest on said bonds and redeem the principal
thereof as such interest and principal become due. All funds so transferred for the payment
of principal of or interest on bonds issued for any particular toll bridge or toll bridges shall be
segregated and applied solely for the payment of said principal or interest. The proceedings
authorizingtheissuanceofthebondsmayprovideforthesettingupofareservefundorfunds
outofthetollsandotherrevenuesnotneededforthepaymentofprincipalandinterest, asthe
samecurrentlymaturesandforthepreservationandcontinuanceofsuchfundinamannerto
be provided therein, and such proceedings may also require the immediate application of all
surplus moneys in such toll revenue fund to the retirement of such bonds prior to maturity, by
call or purchase, in such manner and upon such terms and the payment of such premiums as
may be deemed advisable in the judgment of the department. The moneys remaining in each
separate toll revenue fund after providing the amount required for the payment of principal
of and interest on bonds as hereinabove provided, shall be held and applied as provided
in the proceedings authorizing the issuance of said bonds. In the event the proceedings
authorizing the issuance of said bonds do not require surplus revenues to be held or applied
in any particular manner, they shall be allocated and used for such other purposes incidental
to the construction, operation, and maintenance of any toll bridge as the department may
determine and as permitted under sections 313A.7 and 313A.12.