2009 Iowa Code
Title 8 - Transportation
Subtitle 1 - Highways and Waterways
CHAPTER 313A - INTERSTATE BRIDGES
313A.14 - PROCEEDS IN TRUST FUND.

        313A.14  PROCEEDS IN TRUST FUND.
         The proceeds from the sale of all bonds authorized and issued
      under the provisions of this chapter shall be deposited by the
      department in a fund designated as the construction fund of the
      particular interstate bridge or bridges for which such bonds were
      issued and sold, which fund shall not be a state fund and shall at
      all times be kept segregated and set apart from all other funds and
      in trust for the purposes herein set out.  Such proceeds shall be
      paid out or disbursed solely for the acquisition, purchase, or
      construction of such interstate bridge or bridges and expenses
      incident thereto, the acquisition of the necessary lands and
      easements therefor and the payment of interest on such bonds during
      the period of actual construction and for a period of six months
      thereafter, only as the need therefor shall arise and the department
      may agree with the purchaser of said bonds upon any conditions or
      limitations restricting the disbursement of such funds that may be
      deemed advisable, for the purpose of assuring the proper application
      of such funds.  All moneys in such fund and not required to meet
      current construction costs of the interstate bridge or bridges for
      which such bonds were issued and sold, and all funds constituting
      surplus revenues which are not immediately needed for the particular
      object or purpose to which they must be applied or are pledged may be
      invested in obligations issued or guaranteed by the United States or
      by any person controlled by or supervised by and acting as an
      instrumentality of the United States pursuant to authority granted by
      the Congress of the United States; provided, however, that the
      department may provide in the proceedings authorizing the issuance of
      said bonds that the investment of such moneys shall be made only in
      particular bonds and obligations within the classifications eligible
      for such investment and such provisions shall thereupon be binding
      upon the department and all officials having anything to do with such
      investment.  Any surplus which may exist in said construction fund
      shall be applied to the retirement of bonds issued for the
      acquisition, purchase, or construction of any such interstate bridge
      by purchase or call and, in the event such bonds cannot be purchased
      at a price satisfactory to the department and are not by their terms
      callable prior to maturity, such surplus shall be paid into the fund
      applicable to the payment of principal and interest of said bonds and
      shall be used for that purpose.  The proceedings authorizing the
      issuance of bonds may provide limitations and conditions upon the
      time and manner of applying such surplus to the purchase and call of
      outstanding bonds and the terms upon which they shall be purchased or
      called and such limitations and conditions shall be followed and
      observed in the application and use of such surplus.  All bonds so
      retired by purchase or call shall be immediately canceled.  

         [C71, 73, 75, 77, 79, 81, § 313A.14]