298A.10 Debt service fund.
A debt service fund must be established in any school corporation which issues bonds or other authorized indebtedness. The debt service fund shall be used to pay interest as it becomes due and the amount necessary to pay the principal when due on bonds or other authorized indebtedness issued by the district, and to make payments required under a loan, lease-purchase agreement, or other evidence of indebtedness authorized by this Code. Moneys available to service this debt and received from other sources shall be transferred to the debt service fund and the payment of the debt shall be made from this fund. Funds remaining in the debt service fund after payment of all outstanding debt in accordance with the original purpose of the indebtedness may be transferred by board resolution to the physical plant and equipment levy fund or transferred to the general fund in accordance with section 278.1, subsection 1, paragraph “e”.
94 Acts, ch 1029, §10
Structure Iowa Code
Title VII - EDUCATION AND CULTURAL AFFAIRS
Chapter 298A - SCHOOL DISTRICT FUND STRUCTURE
Section 298A.1 - Effective date.
Section 298A.2 - General fund — flexibility account.
Section 298A.3 - District management levy fund.
Section 298A.4 - Physical plant and equipment levy fund.
Section 298A.5 - Schoolhouse tax levy fund.
Section 298A.6 - Public education and recreation levy fund.
Section 298A.7 - Library levy fund.
Section 298A.8 - Student activity fund.
Section 298A.9 - Capital project funds.
Section 298A.10 - Debt service fund.
Section 298A.11 - School nutrition fund.
Section 298A.12 - Child care fund.
Section 298A.13 - Trust, permanent, or custodial funds.