419.7 Application of proceeds limited.
The proceeds from the sale of any bonds, issued under authority of this chapter, shall be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such proceeds shall not be needed for the purpose for which the bonds were issued, such unneeded portion of said proceeds shall be applied to the payment of the principal or the interest on said bonds. The cost of any project shall be deemed to include the actual cost of acquiring a site or the cost of the construction of any part of a project which may be constructed including architects’ and engineers’ fees, the purchase price of any part of a project that may be acquired by purchase, all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition, an amount to be held as a bond reserve fund, and the interest on such bonds for a reasonable time prior to construction, during construction and for not exceeding six months after completion of construction.
[C66, 71, 73, 75, 77, 79, 81, §419.7]
Structure Iowa Code
Chapter 419 - MUNICIPAL SUPPORT OF PROJECTS
Section 419.3 - Bonds as limited obligations.
Section 419.4 - Pledge of revenues.
Section 419.5 - Determination of rent.
Section 419.6 - Refunding bonds.
Section 419.7 - Application of proceeds limited.
Section 419.8 - No payment by municipality.
Section 419.9 - Public hearing.
Section 419.11 - Tax equivalent to be paid — assessment procedure — appeal.
Section 419.13 - Exception to budget law and certain bond provisions.
Section 419.14 - Eminent domain not available.
Section 419.15 - Limitation of actions.
Section 419.16 - Intent of law.
Section 419.17 - Revenue bonds issued.
Section 419.18 - Grain and soybean storage facilities — bonds issued.