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28j-3
28J.3 APPROPRIATION AND EXPENDITURE OF PUBLIC FUNDS
-- DISSOLUTION.
1. The political subdivisions comprising a port authority may
appropriate and expend public funds to finance or subsidize the
operation and authorized purposes of the port authority. A port
authority shall control tax revenues allocated to the facilities the
port authority administers and all revenues derived from the
operation of the port authority, the sale of its property, interest
on investments, or from any other source related to the port
authority.
2. All revenues received by the port authority shall be held in a
separate fund in a manner agreed to by the political subdivisions
comprising the port authority. Revenues may be paid out only at the
direction of the board of directors of the port authority.
3. A port authority shall comply with section 331.341,
subsections 1, 2, 4, and 5, and section 331.342, when contracting for
public improvements.
4. Subject to making due provisions for payment and performance
of any outstanding obligations, the political subdivisions comprising
the port authority may dissolve the port authority, and transfer the
property of the port authority to the political subdivisions
comprising the port authority in a manner agreed upon between the
political subdivisions comprising the port authority prior to the
dissolution of the port authority. Section History: Recent Form
2005 Acts, ch 150, §91
