12.82 SCHOOL INFRASTRUCTURE FUND AND RESERVE FUNDS.
1. A school infrastructure fund is created and established as a
separate and distinct fund in the state treasury under the control of
the department of education. The fund shall be used for purposes of
the school infrastructure program established in section 292.2.
2. Revenue for the school infrastructure fund shall include, but
is not limited to, the following, which shall be deposited with the
treasurer of state or its designee as provided by any bond or
security documents and credited to the fund:
a. The proceeds of bonds issued to capitalize and pay the
costs of the fund and investment earnings on the proceeds.
b. Interest attributable to investment of money in the fund
or an account of the fund.
c. Moneys in the form of a devise, gift, bequest, donation,
federal or other grant, reimbursement, repayment, judgment, transfer,
payment, or appropriation from any source intended to be used for the
purposes of the fund.
3. Moneys in the school infrastructure fund are not subject to
section 8.33. Notwithstanding section 12C.7, subsection 2, interest
or earnings on moneys in the fund shall be credited to the fund.
4. a. The treasurer of state may create and establish one or
more special funds, to be known as "bond reserve funds", to
secure one or more issues of bonds or notes issued pursuant to
section 12.81. The treasurer of state shall pay into each bond
reserve fund any moneys appropriated and made available by the state
or the treasurer for the purpose of the fund, any proceeds of sale of
notes or bonds to the extent provided in the resolutions authorizing
their issuance, and any other moneys which may be available to the
treasurer for the purpose of the fund from any other sources. All
moneys held in a bond reserve fund, except as otherwise provided in
this chapter, shall be used as required solely for the payment of the
principal of bonds secured in whole or in part by the fund or of the
sinking fund payments with respect to the bonds, the purchase or
redemption of the bonds, the payment of interest on the bonds, or the
payments of any redemption premium required to be paid when the bonds
are redeemed prior to maturity.
b. Moneys in a bond reserve fund shall not be withdrawn from
it at any time in an amount that will reduce the amount of the fund
to less than the bond reserve fund requirement established for the
fund, as provided in this subsection, except for the purpose of
making, with respect to bonds secured in whole or in part by the
fund, payment when due of principal, interest, redemption premiums,
and the sinking fund payments with respect to the bonds for the
payment of which other moneys of the treasurer are not available.
Any income or interest earned by, or incremental to, a bond reserve
fund due to the investment of it may be transferred by the treasurer
to other funds or accounts to the extent the transfer does not reduce
the amount of that bond reserve fund below the bond reserve fund
requirement for it.
c. The treasurer of state shall not at any time issue bonds,
secured in whole or in part by a bond reserve fund if, upon the
issuance of the bonds, the amount in the bond reserve fund will be
less than the bond reserve fund requirement for the fund, unless the
treasurer at the time of issuance of the bonds deposits in the fund
from the proceeds of the bonds issued or from other sources an amount
which, together with the amount then in the fund, will not be less
than the bond reserve fund requirement for the fund. For the
purposes of this subsection, the term "bond reserve fund
requirement" means, as of any particular date of computation, an
amount of money, as provided in the resolutions authorizing the bonds
with respect to which the fund is established.
d. To assure the continued solvency of any bonds secured by
the bond reserve fund, provision is made in paragraph "c" for the
accumulation in each bond reserve fund of an amount equal to the bond
reserve fund requirement for the fund. In order further to assure
maintenance of the bond reserve funds, the treasurer shall, on or
before January 1 of each calendar year, make and deliver to the
governor the treasurer's certificate stating the sum, if any,
required to restore each bond reserve fund to the bond reserve fund
requirement for that fund. Within thirty days after the beginning of
the session of the general assembly next following the delivery of
the certificate, the governor shall submit to both houses printed
copies of a budget including the sum, if any, required to restore
each bond reserve fund to the bond reserve fund requirement for that
fund. Any sums appropriated by the general assembly and paid to the
treasurer pursuant to this subsection shall be deposited by the
treasurer in the applicable bond reserve fund.
12.82 SCHOOL INFRASTRUCTURE FUND AND RESERVE FUNDS.
1. A school infrastructure fund is created and established as a
separate and distinct fund in the state treasury under the control of
the department of education. The fund shall be used for purposes of
the school infrastructure program established in section 292.2.
2. Revenue for the school infrastructure fund shall include, but
is not limited to, the following, which shall be deposited with the
treasurer of state or its designee as provided by any bond or
security documents and credited to the fund:
a. The proceeds of bonds issued to capitalize and pay the
costs of the fund and investment earnings on the proceeds.
b. Interest attributable to investment of money in the fund
or an account of the fund.
c. Moneys in the form of a devise, gift, bequest, donation,
federal or other grant, reimbursement, repayment, judgment, transfer,
payment, or appropriation from any source intended to be used for the
purposes of the fund.
3. Moneys in the school infrastructure fund are not subject to
section 8.33. Notwithstanding section 12C.7, subsection 2, interest
or earnings on moneys in the fund shall be credited to the fund.
4. a. The treasurer of state may create and establish one or
more special funds, to be known as "bond reserve funds", to
secure one or more issues of bonds or notes issued pursuant to
section 12.81. The treasurer of state shall pay into each bond
reserve fund any moneys appropriated and made available by the state
or the treasurer for the purpose of the fund, any proceeds of sale of
notes or bonds to the extent provided in the resolutions authorizing
their issuance, and any other moneys which may be available to the
treasurer for the purpose of the fund from any other sources. All
moneys held in a bond reserve fund, except as otherwise provided in
this chapter, shall be used as required solely for the payment of the
principal of bonds secured in whole or in part by the fund or of the
sinking fund payments with respect to the bonds, the purchase or
redemption of the bonds, the payment of interest on the bonds, or the
payments of any redemption premium required to be paid when the bonds
are redeemed prior to maturity.
b. Moneys in a bond reserve fund shall not be withdrawn from
it at any time in an amount that will reduce the amount of the fund
to less than the bond reserve fund requirement established for the
fund, as provided in this subsection, except for the purpose of
making, with respect to bonds secured in whole or in part by the
fund, payment when due of principal, interest, redemption premiums,
and the sinking fund payments with respect to the bonds for the
payment of which other moneys of the treasurer are not available.
Any income or interest earned by, or incremental to, a bond reserve
fund due to the investment of it may be transferred by the treasurer
to other funds or accounts to the extent the transfer does not reduce
the amount of that bond reserve fund below the bond reserve fund
requirement for it.
c. The treasurer of state shall not at any time issue bonds,
secured in whole or in part by a bond reserve fund if, upon the
issuance of the bonds, the amount in the bond reserve fund will be
less than the bond reserve fund requirement for the fund, unless the
treasurer at the time of issuance of the bonds deposits in the fund
from the proceeds of the bonds issued or from other sources an amount
which, together with the amount then in the fund, will not be less
than the bond reserve fund requirement for the fund. For the
purposes of this subsection, the term "bond reserve fund
requirement" means, as of any particular date of computation, an
amount of money, as provided in the resolutions authorizing the bonds
with respect to which the fund is established.
d. To assure the continued solvency of any bonds secured by
the bond reserve fund, provision is made in paragraph "c" for the
accumulation in each bond reserve fund of an amount equal to the bond
reserve fund requirement for the fund. In order further to assure
maintenance of the bond reserve funds, the treasurer shall, on or
before January 1 of each calendar year, make and deliver to the
governor the treasurer's certificate stating the sum, if any,
required to restore each bond reserve fund to the bond reserve fund
requirement for that fund. Within thirty days after the beginning of
the session of the general assembly next following the delivery of
the certificate, the governor shall submit to both houses printed
copies of a budget including the sum, if any, required to restore
each bond reserve fund to the bond reserve fund requirement for that
fund. Any sums appropriated by the general assembly and paid to the
treasurer pursuant to this subsection shall be deposited by the
treasurer in the applicable bond reserve fund.
12.82 SCHOOL INFRASTRUCTURE FUND AND RESERVE FUNDS.
1. A school infrastructure fund is created and established as a
separate and distinct fund in the state treasury under the control of
the department of education. The fund shall be used for purposes of
the school infrastructure program established in section 292.2.
2. Revenue for the school infrastructure fund shall include, but
is not limited to, the following, which shall be deposited with the
treasurer of state or its designee as provided by any bond or
security documents and credited to the fund:
a. The proceeds of bonds issued to capitalize and pay the
costs of the fund and investment earnings on the proceeds.
b. Interest attributable to investment of money in the fund
or an account of the fund.
c. Moneys in the form of a devise, gift, bequest, donation,
federal or other grant, reimbursement, repayment, judgment, transfer,
payment, or appropriation from any source intended to be used for the
purposes of the fund.
3. Moneys in the school infrastructure fund are not subject to
section 8.33. Notwithstanding section 12C.7, subsection 2, interest
or earnings on moneys in the fund shall be credited to the fund.
4. a. The treasurer of state may create and establish one or
more special funds, to be known as "bond reserve funds", to
secure one or more issues of bonds or notes issued pursuant to
section 12.81. The treasurer of state shall pay into each bond
reserve fund any moneys appropriated and made available by the state
or the treasurer for the purpose of the fund, any proceeds of sale of
notes or bonds to the extent provided in the resolutions authorizing
their issuance, and any other moneys which may be available to the
treasurer for the purpose of the fund from any other sources. All
moneys held in a bond reserve fund, except as otherwise provided in
this chapter, shall be used as required solely for the payment of the
principal of bonds secured in whole or in part by the fund or of the
sinking fund payments with respect to the bonds, the purchase or
redemption of the bonds, the payment of interest on the bonds, or the
payments of any redemption premium required to be paid when the bonds
are redeemed prior to maturity.
b. Moneys in a bond reserve fund shall not be withdrawn from
it at any time in an amount that will reduce the amount of the fund
to less than the bond reserve fund requirement established for the
fund, as provided in this subsection, except for the purpose of
making, with respect to bonds secured in whole or in part by the
fund, payment when due of principal, interest, redemption premiums,
and the sinking fund payments with respect to the bonds for the
payment of which other moneys of the treasurer are not available.
Any income or interest earned by, or incremental to, a bond reserve
fund due to the investment of it may be transferred by the treasurer
to other funds or accounts to the extent the transfer does not reduce
the amount of that bond reserve fund below the bond reserve fund
requirement for it.
c. The treasurer of state shall not at any time issue bonds,
secured in whole or in part by a bond reserve fund if, upon the
issuance of the bonds, the amount in the bond reserve fund will be
less than the bond reserve fund requirement for the fund, unless the
treasurer at the time of issuance of the bonds deposits in the fund
from the proceeds of the bonds issued or from other sources an amount
which, together with the amount then in the fund, will not be less
than the bond reserve fund requirement for the fund. For the
purposes of this subsection, the term "bond reserve fund
requirement" means, as of any particular date of computation, an
amount of money, as provided in the resolutions authorizing the bonds
with respect to which the fund is established.
d. To assure the continued solvency of any bonds secured by
the bond reserve fund, provision is made in paragraph "c" for the
accumulation in each bond reserve fund of an amount equal to the bond
reserve fund requirement for the fund. In order further to assure
maintenance of the bond reserve funds, the treasurer shall, on or
before January 1 of each calendar year, make and deliver to the
governor the treasurer's certificate stating the sum, if any,
required to restore each bond reserve fund to the bond reserve fund
requirement for that fund. Within thirty days after the beginning of
the session of the general assembly next following the delivery of
the certificate, the governor shall submit to both houses printed
copies of a budget including the sum, if any, required to restore
each bond reserve fund to the bond reserve fund requirement for that
fund. Any sums appropriated by the general assembly and paid to the
treasurer pursuant to this subsection shall be deposited by the
treasurer in the applicable bond reserve fund.
