§ 468.373 — Sale — application of proceeds

Iowa § 468.373

• Jurisdiction: Iowa
• Title XI: NATURAL RESOURCES
• Ch. 468: LEVEE AND DRAINAGE DISTRICTS AND IMPROVEMENTS

Text

The county treasurer shall, under a resolution and the direction of the said county board
of supervisors, sell the bonds for cash on the best available terms or exchange them on like
terms for a legal indebtedness of the said district evidenced by bonds, warrants, or judgments
outstanding at the date of the passage of the resolution authorizing the issue thereof, and
the proceeds shall be applied and exclusively used for the purpose for which said bonds are
issued. In no case shall they be sold or exchanged for a less sum than their face value and all
interest accrued at the date of sale or exchange. After registration the treasurer shall deliver
said bonds to the purchaser thereof and when exchanged for indebtedness of said district
shall at once cancel all warrants or bonds or secure proper credits therefor on judgments.

Legislative History

[C24, 27, 31, 35, 39, §7669; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §461.19]