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.
2005 Acts, ch 150, §114
Referred to in §28J.13, 28J.25
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 28J - PORT AUTHORITIES
Section 28J.2 - Creation and powers of port authority.
Section 28J.3 - Appropriation and expenditure of public funds — dissolution.
Section 28J.4 - Joining an existing port authority.
Section 28J.5 - Membership of board of directors.
Section 28J.6 - Civil immunity of directors.
Section 28J.7 - Employees, advisory board, peace officers.
Section 28J.8 - Area of jurisdiction.
Section 28J.9 - Powers of port authority.
Section 28J.10 - Participation of private enterprise.
Section 28J.11 - Provisions do not affect other laws or powers.
Section 28J.12 - Conveyance, lease, or exchange of public property.
Section 28J.13 - Annual budget — use of rents and charges.
Section 28J.14 - Secretary to furnish bond — deposit and disbursement of funds.
Section 28J.15 - Limitation on certain powers of political subdivisions.
Section 28J.17 - Contracts, arrangements, and agreements.
Section 28J.18 - Revenue bonds are lawful investments.
Section 28J.19 - Property tax exemption.
Section 28J.21 - Issuance of revenue and refunding bonds and pledge orders.
Section 28J.22 - Bonds may be secured by trust agreement.
Section 28J.23 - Remedy of holder of bond or coupon — statute of limitations.
Section 28J.24 - Bonds are payable solely from revenues and funds pledged for payment.
Section 28J.25 - Funds and property held in trust — use and deposit of funds.
Section 28J.26 - Investment of excess funds.
Section 28J.28 - Final actions to be recorded — annual report — confidentiality of information.