410.3 Investment of surplus.
The boards shall have power to invest any surplus left in such funds, respectively, at the end of the fiscal year, but no part of the funds realized from any tax levy shall be used for any purpose other than the payment of pensions. Investments shall be in interest-bearing bonds, notes, certificates, or other evidences of indebtedness which are obligations of or guaranteed by the United States, or in interest-bearing bonds of the state of Iowa, of any county, township, or municipal corporation of the state of Iowa. All such securities shall be deposited with the treasurer of the boards of trustees for safekeeping.
[S13, §932-1; SS15, §932-c; C24, 27, 31, 35, 39, §6312; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §410.3]
Structure Iowa Code
Chapter 410 - FIRE FIGHTERS AND POLICE OFFICERS — RETIREMENT AND DISABILITY
Section 410.1 - Pension funds.
Section 410.2 - Boards of trustees — officers.
Section 410.3 - Investment of surplus.
Section 410.4 - Gifts, devises, or bequests.
Section 410.5 - Membership fee — assessments.
Section 410.6 - Who entitled to pension — conditions.
Section 410.7 - Soldiers and sailors.
Section 410.8 - Disability — how contracted.
Section 410.9 - Retired members assigned for light duty.
Section 410.10 - Pensions — surviving spouse — children — dependents.
Section 410.12 - Volunteer or call fire fighters.
Section 410.13 - Reexamination of retired members.
Section 410.14 - Decision of board.
Section 410.15 - Guarantee of pension benefits.
Section 410.16 - Moneys drawn — how paid — report.
Section 410.17 - City marshal.
Section 410.18 - Hospital expense.