1. A school infrastructure fund is created and established as a separate and distinct fund in the state treasury under the control of the department of education. The fund shall be used for purposes of the school infrastructure program established in section 292.2.
2. Revenue for the school infrastructure fund shall include, but is not limited to, the following, which shall be deposited with the treasurer of state or its designee as provided by any bond or security documents and credited to the fund:
a. The proceeds of bonds issued to capitalize and pay the costs of the fund and investment earnings on the proceeds.
b. Interest attributable to investment of money in the fund or an account of the fund.
c. 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.
3. Moneys in the school infrastructure fund are not subject to section 8.33. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund shall be credited to the fund.
4. The treasurer of state may establish reserve funds to secure one or more issues of bonds or notes issued pursuant to section 12.81. The treasurer of state may deposit in a reserve fund established under this subsection the proceeds of the sale of its bonds or notes and other money which is made available from any other source. The treasurer of state may allow a reserve fund established under this subsection to be depleted.
2000 Acts, ch 1174, §22
Referred to in § 8.57, 12.85, 12.86, 292.1
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© 2001 Cornell College and League of Women Voters of Iowa
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