§ 384.7 — Capital improvements fund

Iowa § 384.7

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

Text

1. A city may establish a capital improvements reserve fund, and may certify taxes not
to exceed sixty-seven and one-half cents per thousand dollars of taxable value each year to
be levied for the fund for the purpose of accumulating moneys for the financing of specified
capital improvements, or carrying out a specific capital improvement plan.
2. The question of the establishment of a capital improvements reserve fund, the time
period during which a levy will be made for the fund, and the tax rate to be levied for the
fund is subject to approval by the voters, and may be submitted at any city election upon the
council’s motion, or shall be submitted at the next regular city election upon receipt of a valid
petition as provided in section 362.4.
3. If a continuing capital improvements levy is established by election, it may be

terminated in the same manner, upon the council’s motion or upon petition. Balances in a
capital improvements reserve fund are not unencumbered or unappropriated funds for the
purpose of reducing tax levies. Transfers may be made between the capital improvements
reserve fund, construction funds, and the general fund, as provided in rules promulgated by
the city finance committee created in section 384.13.

Legislative History

[C75, 77, 79, 81, §384.7]