2009 Iowa Code
Title 8 - Transportation
Subtitle 1 - Highways and Waterways
CHAPTER 313A - INTERSTATE BRIDGES
313A.21 - INSURANCE OR INDEMNITY BOND.

        313A.21  INSURANCE OR INDEMNITY BOND.
         When any toll bridge authorized hereunder is being built by the
      department it may carry or cause to be carried such an amount of
      insurance or indemnity bond or bonds as protection against loss or
      damage as it may deem proper.  The department is hereby further
      empowered to carry such an amount of insurance to cover any accident
      or destruction in part or in whole to any toll bridge.  All moneys
      collected on any indemnity bond or insurance policy as the result of
      any damage or injury to any such toll bridge shall be used for the
      purpose of repairing or rebuilding of any such toll bridge as long as
      there are revenue bonds against any such structure outstanding and
      unredeemed.  The department is also empowered to carry insurance or
      indemnity bonds insuring against the loss of tolls or other revenues
      to be derived from any such toll bridge by reason of any interruption
      in the use of such toll bridge from any cause whatever, and the
      proceeds of such insurance or indemnity bonds shall be paid into the
      fund into which the tolls and other revenues of the bridge thus
      insured are required to be paid and shall be applied to the same
      purposes and in the same manner as other moneys in the said fund.
      Such insurance or indemnity bonds may be in an amount equal to the
      probable tolls and other revenues to be received from the operation
      of such toll bridge during any period of time that may be determined
      upon by the department and fixed in its discretion, and be paid for
      out of the toll revenue fund as may be specified in said proceedings.
      The department may provide in the proceedings authorizing the
      issuance of bonds for the carrying of insurance as authorized by this
      chapter and the purchase and carrying of insurance as authorized by
      this chapter shall thereupon be obligatory upon the department and be
      paid for out of the toll revenue fund as may be specified in said
      proceedings.  

         [C71, 73, 75, 77, 79, 81, § 313A.21]