Statutes > Iowa Statutes > Title 1 - State Sovereignty and Management > Subtitle 5 - Economic Development > CHAPTER 16 - IOWA FINANCE AUTHORITY > 16.44 - APPLICATION OF FUNDS FROM SALES OF OBLIGATIONS.

16.44 - APPLICATION OF FUNDS FROM SALES OF OBLIGATIONS.

        16.44  APPLICATION OF FUNDS FROM SALES OF
      OBLIGATIONS.
         All moneys received by or on behalf of the authority, whether as
      proceeds from the sale of obligations or as revenues, are trust funds
      to be held and applied solely for the purposes specified in the
      appropriation, bond resolution, or other document authorizing receipt
      of the moneys by the authority.  A person with which the moneys are
      deposited shall act as trustee of the moneys and shall hold and apply
      the moneys for the purposes specified in this chapter subject to
      limitations specified in this chapter and in the bond resolution
      authorizing the issuance of the obligations.
         Section History: Early Form
         [82 Acts, ch 1173, § 6]
         Section History: Recent Form
         C83, § 220.44
         C93, § 16.44