455G.8  Revenue sources for fund.

Revenue for the fund shall include, but is not limited to, the following, which shall be deposited with the board or its designee as provided by any bond or security documents and credited to the fund:

1.  Bonds issued to capitalize fund.  The proceeds of bonds issued to capitalize and pay the costs of the fund, and investment earnings on the proceeds except as required for the capital reserve funds.

2.  Use tax.  The revenues derived from the use tax imposed under chapter 423. The proceeds of the use tax under section 423.24, subsection 1, paragraph "a", subparagraph (1), shall be allocated, consistent with this chapter, among the fund's accounts, for debt service and other fund expenses, according to the fund budget, resolution, trust agreement, or other instrument prepared or entered into by the board or authority under direction of the board. The proceeds of the use tax under section 423.24, subsection 1, paragraph "a", subparagraph (2), shall be allocated in accordance with section 455G.21.

3.  Storage tank management fee.  That portion of the storage tank management fee proceeds which are deposited into the fund, pursuant to section 455B.479.

4.  Insurance premiums.  Insurance premium income as provided by section 455G.11 shall be credited to the insurance fund.*

5.  Cost recovery enforcement.  Cost recovery enforcement net proceeds as provided by section 455G.13 shall be allocated to the innocent landowners fund created under section 455G.21, subsection 2, paragraph "a". When federal cleanup funds are recovered, the funds are to be deposited to the remedial account of the fund and used solely for the purpose of future cleanup activities.

6.  Other sources.  Interest attributable to investment of money in the fund or an account of the fund. Moneys in the form of a devise, gift, bequest, donation, federal or other grant, reimbursement, repayment, judgment, transfer, payment, or appropriation from any source intended to be used for the purposes of the fund.

Section History: Recent form

  89 Acts, ch 131, §49; 90 Acts, ch 1235, § 21; 95 Acts, ch 215, §14, 15; 98 Acts, ch 1068, §6

Internal References

  Referred to in § 455G.3


  *Relocation of provisions of subsection 4 probably should have occurred as part of 1998 amendment to subsection 4; corrective legislation is pending

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