313A.21 Insurance or indemnity bond.
When any toll bridge authorized hereunder is being built by the department it may carry or cause to be carried such an amount of insurance or indemnity bond or bonds as protection against loss or damage as it may deem proper. The department is hereby further empowered to carry such an amount of insurance to cover any accident or destruction in part or in whole to any toll bridge. All moneys collected on any indemnity bond or insurance policy as the result of any damage or injury to any such toll bridge shall be used for the purpose of repairing or rebuilding of any such toll bridge as long as there are revenue bonds against any such structure outstanding and unredeemed. The department is also empowered to carry insurance or indemnity bonds insuring against the loss of tolls or other revenues to be derived from any such toll bridge by reason of any interruption in the use of such toll bridge from any cause whatever, and the proceeds of such insurance or indemnity bonds shall be paid into the fund into which the tolls and other revenues of the bridge thus insured are required to be paid and shall be applied to the same purposes and in the same manner as other moneys in the said fund. Such insurance or indemnity bonds may be in an amount equal to the probable tolls and other revenues to be received from the operation of such toll bridge during any period of time that may be determined upon by the department and fixed in its discretion, and be paid for out of the toll revenue fund as may be specified in said proceedings. The department may provide in the proceedings authorizing the issuance of bonds for the carrying of insurance as authorized by this chapter and the purchase and carrying of insurance as authorized by this chapter shall thereupon be obligatory upon the department and be paid for out of the toll revenue fund as may be specified in said proceedings.
[C71, 73, 75, 77, 79, 81, §313A.21]
Structure Iowa Code
Chapter 313A - INTERSTATE BRIDGES
Section 313A.2 - Bridge to be controlled by department.
Section 313A.3 - Toll bridges constructed over boundary rivers.
Section 313A.4 - Investigation of feasibility.
Section 313A.5 - Acquiring existing bridge — bonds.
Section 313A.6 - Rules adopted — financial statements.
Section 313A.7 - Resolution of public interest and necessity — revenue bonds.
Section 313A.8 - Right-of-way secured.
Section 313A.9 - Consent to cross state property.
Section 313A.10 - Resolution precedent to action.
Section 313A.11 - Payment from available funds.
Section 313A.12 - Revenue bonds.
Section 313A.13 - Sale and exchange or retirement of bonds.
Section 313A.14 - Proceeds in trust fund.
Section 313A.15 - Toll revenue fund.
Section 313A.16 - Funds transferred to place of payment.
Section 313A.17 - Warrants for payment.
Section 313A.18 - Depositaries or paying agents.
Section 313A.19 - Expenses of department.
Section 313A.20 - No diminution of duties while bonds outstanding.
Section 313A.21 - Insurance or indemnity bond.
Section 313A.22 - Toll charges fixed by department.
Section 313A.23 - Political subdivision may aid.
Section 313A.24 - Sale of excess land to political subdivisions.
Section 313A.25 - Sale to public.
Section 313A.26 - Acceptance or rejection of bids.
Section 313A.27 - Franchises for use of bridge.
Section 313A.28 - Deposit of proceeds.
Section 313A.29 - Tolls imposed for improving other bridges.
Section 313A.30 - Bridges as part of primary roads.
Section 313A.31 - Revenue bonds.
Section 313A.32 - Operation and control of bridge.
Section 313A.33 - No obligation of state.
Section 313A.34 - Agreements with other states.
Section 313A.36 - Purposes of powers granted.
Section 313A.37 - Failure to pay toll — penalty.