§ 412.2 — Source of funds

Iowa § 412.2

• Jurisdiction: Iowa
• Title IX: LOCAL GOVERNMENT
• Ch. 412: MUNICIPAL UTILITY RETIREMENT SYSTEM

Text

The fund for such pension and annuity retirement system shall be created from any or all
of the following sources:
1. From the proceeds of the assessments on the wages and salaries of employees, of any
such waterworks system, or other municipally owned and operated public utility, eligible to
receive the benefits thereof.
2. From the interest on any permanent fund which may be created by gift, bequest, or
otherwise.
3. From moneys derived from the operation of such waterworks, or other municipally
owned and operated public utility, available and appropriated therefor by the council, board
of waterworks trustees, or other board or commission, whichever is authorized by law to
manageandoperatesuchwaterworksorothermunicipallyownedandoperatedpublicutility.
Such money so expended shall constitute an operating expense of such utility.

Legislative History

[C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §412.2]