§ 468.54 — Funds — disbursement — interest

Iowa § 468.54

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

Text

The taxes when collected shall be kept in a separate fund known as the county drainage or
levee fund and shall be paid out only for purposes properly connected with and growing out
of the county drainage and levee districts on order of the board. The auditor shall continue to
keep a record of each of the drainage and levee district’s funds so as to accurately reflect the
financial condition of each district account. The county treasurer, on order of the board of
supervisors, shall invest such funds not immediately needed for current operating expenses
in United States government bonds, in time certificates of deposit, in savings accounts in
banks as the board shall approve, in the interest-bearing obligations of the drainage and
levee districts of the county, or as provided by chapter 12C. Interest collected by the treasurer
on the funds invested shall be deposited in the county drainage or levee fund, and on July
1 of each year the auditor shall apportion and credit the interest to each drainage or levee
district account in the proportion which the average credit balance of each district bears to
the average balance of the county drainage or levee fund. The averages to be ascertained
shall be the averages of the balances existing on the first of each month during the fiscal
year immediately preceding. Interest collected on drainage or levee district taxes shall be
credited to the district for which the taxes are being collected. This section does not permit
expenditures in behalf of any district in excess of its share of the county drainage or levee
fund. This section does not apply to drainage and levee districts under trustee management
unless the trustees consent to its application, and in the absence of such consent, section
468.528 applies.

Legislative History

[S13, §1989-a13; C24, 27, 31, 35, 39, §7481; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §455.61]