The "First In the Nation in Education Fund" is established in the office of treasurer of state. The fund shall be an endowment for the foundation and moneys deposited in the fund shall not be expended, but shall be invested by the treasurer of state in investments authorized for the Iowa public employees' retirement fund in section 97B.7.
The governing board of the foundation may accept gifts, grants, bequests, other moneys, and in-kind contributions for deposit in the fund as a part of the endowment or for the use of the foundation.
Gifts, grants, and bequests from public and private sources, federal funds, and other moneys received for the endowment shall be deposited in the fund. Interest earned on the fund shall be transferred by the department of revenue and finance to the credit of the foundation at the request of the governing board and shall be used for the purposes of this chapter.
The governing board may transfer moneys credited for the use of the foundation not encumbered or obligated on June 30 of a fiscal year to the fund and those moneys shall be considered interest earned by the fund and may be transferred back to the credit of the foundation at the request of the governing board at any time.
85 Acts, ch 213, § 7; 86 Acts, ch 1246, § 123; 88 Acts, ch 1012, § 1
Referred to in § 257B.1A
Transfer of interest earned on permanent school fund; see § 257B.1A
Iowa General Assembly
Search: Iowa Code 1995
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Thu Feb 8 18:14:51 CST 1996
URL: /IACODE/1995/257A/7.html
jhf