2009 Iowa Code
Title 8 - Transportation
Subtitle 1 - Highways and Waterways
CHAPTER 313A - INTERSTATE BRIDGES
313A.16 - FUNDS TRANSFERRED TO PLACE OF PAYMENT.

        313A.16  FUNDS TRANSFERRED TO PLACE OF PAYMENT.
         From the money so deposited in each separate construction fund as
      hereinabove provided, at the direction of the department there shall
      be transferred to the place or places of payment named in said bonds
      such sums as may be required to pay the interest as it becomes due on
      all bonds issued and outstanding for the construction of such
      particular toll bridge or toll bridges during the period of actual
      construction and during the period of six months immediately
      thereafter.  The department shall thereafter transfer from each
      separate toll revenue fund to the place or places of payment named in
      the bonds for which said revenues have been pledged such sums as may
      be required to pay the interest on said bonds and redeem the
      principal thereof as such interest and principal become due.  All
      funds so transferred for the payment of principal of or interest on
      bonds issued for any particular toll bridge or toll bridges shall be
      segregated and applied solely for the payment of said principal or
      interest.  The proceedings authorizing the issuance of the bonds may
      provide for the setting up of a reserve fund or funds out of the
      tolls and other revenues not needed for the payment of principal and
      interest, as the same currently matures and for the preservation and
      continuance of such fund in a manner to be provided therein, and such
      proceedings may also require the immediate application of all surplus
      moneys in such toll revenue fund to the retirement of such bonds
      prior to maturity, by call or purchase, in such manner and upon such
      terms and the payment of such premiums as may be deemed advisable in
      the judgment of the department.  The moneys remaining in each
      separate toll revenue fund after providing the amount required for
      the payment of principal of and interest on bonds as hereinabove
      provided, shall be held and applied as provided in the proceedings
      authorizing the issuance of said bonds.  In the event the proceedings
      authorizing the issuance of said bonds do not require surplus
      revenues to be held or applied in any particular manner, they shall
      be allocated and used for such other purposes incidental to the
      construction, operation, and maintenance of any toll bridge as the
      department may determine and as permitted under sections 313A.7 and
      313A.12.  

         [C71, 73, 75, 77, 79, 81, § 313A.16]