1. A revenue bonds federal subsidy holdback fund iscreated and established as a separate and distinct fund inthe state treasury. The treasurer of state shall act as custodian of the fund and disburse moneys contained in the fund. 2. The moneys in such fund shall include all of the following: a. The revenues required to be deposited in the fund pursuant to section 8.57, subsection 3,paragraph “d”. b. Interest attributable to investment moneys in the fund. c. Any other moneys from any other sources which may be legally available to the treasurer of state for the purpose of the fund. 3. The moneys in the revenue bonds federal subsidy holdback fund are appropriated and shall be used or transferred to the revenue bonds debt service fund created in section 12.89, subsection 1,solely for the purpose of making payments of principal and interest on federal subsidy bonds when due, ifthe treasurer of state or the treasurer’s designee has not received a federal subsidy scheduled to be received for such payment by the due date. 4. The moneys on deposit in the revenue bonds federal subsidy holdback fund shall be usedortransferredtothe revenue bonds debt service fund createdinsection 12.89, subsection 1, solely for the purpose of making payments of principal and interest on federal subsidy bonds prior to any use or transfer of moneys on deposit in any bond reserve fund created for such federal subsidy bonds by the treasurer of state pursuant to section 12.89, subsection 3, paragraph “a”. 5. At any time during each fiscal year that there are moneys on deposit in the revenue bonds federal subsidy holdback fund that are not needed to pay principal and interest on federal subsidy bonds during such fiscalyear as determined by the treasurer of state or the treasurer’s designee, such moneys on deposit in the revenue bonds federal subsidy holdback fund shall be credited tothe rebuild Iowa infrastructure fund created insection 8.57. 6. For purposes of this section: a. “Federal subsidy” means any payment from the federal government with respect to federal subsidy bonds. b. “Federal subsidy bonds” means any bonds issued and sold pursuant to section 12.87 for which a federal subsidy isexpected to be paid on or before any date on which interest on such bonds isdue and payable. §3; 2024 Acts, ch 1185, §102
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.