28J.26 INVESTMENT OF EXCESS FUNDS.
1. If a port authority has surplus funds after making all
deposits into all funds required by the terms, covenants, conditions,
and provisions of outstanding revenue bonds, pledge orders, and
refunding bonds which are payable from the revenues of the port
authority and after complying with all of the requirements, terms,
covenants, conditions, and provisions of the proceedings and
resolutions pursuant to which revenue bonds, pledge orders, and
refunding bonds are issued, the board may transfer the surplus funds
to any other fund of the port authority in accordance with this
chapter and chapter 12C, provided that a transfer shall not be made
if it conflicts with any of the requirements, terms, covenants,
conditions, or provisions of a resolution authorizing the issuance of
revenue bonds, pledge orders, or other obligations which are payable
from the revenues of the port authority which are then outstanding.
2. This section does not prohibit or prevent the board from using
funds derived from any other source which may be properly used for
such purpose, to pay a part of the cost of a facility.
Section History: Recent Form
2005 Acts, ch 150, §114
Referred to in § 28J.13, 28J.25
28J.26 INVESTMENT OF EXCESS FUNDS.
1. If a port authority has surplus funds after making all
deposits into all funds required by the terms, covenants, conditions,
and provisions of outstanding revenue bonds, pledge orders, and
refunding bonds which are payable from the revenues of the port
authority and after complying with all of the requirements, terms,
covenants, conditions, and provisions of the proceedings and
resolutions pursuant to which revenue bonds, pledge orders, and
refunding bonds are issued, the board may transfer the surplus funds
to any other fund of the port authority in accordance with this
chapter and chapter 12C, provided that a transfer shall not be made
if it conflicts with any of the requirements, terms, covenants,
conditions, or provisions of a resolution authorizing the issuance of
revenue bonds, pledge orders, or other obligations which are payable
from the revenues of the port authority which are then outstanding.
2. This section does not prohibit or prevent the board from using
funds derived from any other source which may be properly used for
such purpose, to pay a part of the cost of a facility.
Section History: Recent Form
2005 Acts, ch 150, §114
Referred to in § 28J.13, 28J.25
28J.26 INVESTMENT OF EXCESS FUNDS.
1. If a port authority has surplus funds after making all
deposits into all funds required by the terms, covenants, conditions,
and provisions of outstanding revenue bonds, pledge orders, and
refunding bonds which are payable from the revenues of the port
authority and after complying with all of the requirements, terms,
covenants, conditions, and provisions of the proceedings and
resolutions pursuant to which revenue bonds, pledge orders, and
refunding bonds are issued, the board may transfer the surplus funds
to any other fund of the port authority in accordance with this
chapter and chapter 12C, provided that a transfer shall not be made
if it conflicts with any of the requirements, terms, covenants,
conditions, or provisions of a resolution authorizing the issuance of
revenue bonds, pledge orders, or other obligations which are payable
from the revenues of the port authority which are then outstanding.
2. This section does not prohibit or prevent the board from using
funds derived from any other source which may be properly used for
such purpose, to pay a part of the cost of a facility.
Section History: Recent Form
2005 Acts, ch 150, §114
Referred to in § 28J.13, 28J.25
