§ 384.57 — Monthly payments

Iowa § 384.57

• Jurisdiction: Iowa
• Title IX: LOCAL GOVERNMENT
• Ch. 384: CITY FINANCE

Text

The city may contract to pay not to exceed ninety-five percent of the engineer’s estimated
value of the acceptable work completed during the month to the contractor at the end of each
month. Payment may be made in warrants drawn on any funds from which payment for the
work may be made. If such funds are depleted, anticipatory warrants may be issued bearing
a rate of interest not exceeding that permitted by chapter 74A, which do not constitute a
violation of section 384.10, even if the collection of taxes or special assessments or income
from the sale of bonds applicable to the public improvement is after the end of the fiscal
year in which the warrants are issued. If the city arranges for the private sale of anticipatory
warrants, they may be sold and the proceeds used to pay the contractor. Anticipatory
warrants may also be used to pay other persons furnishing services constituting a part of
the cost of the public improvement. The provisions of this section and section 384.58 shall
not apply if the city has entered into a contract with the federal government or accepted a
federal grant which is governed by federal laws or rules that are contrary to this section and
section 384.58.

Legislative History

[C50, §391A.19; C54, 58, 62, 66, 71, 73, §391A.22; C75, 77, 79, 81, §384.57; 81 Acts, ch 127, §1]