263A.7 - ACCOUNTS OF ALL FUNDS SEPARATE.

        263A.7  ACCOUNTS OF ALL FUNDS SEPARATE.
         A certified copy of each resolution providing for the issuance of
      bonds or notes under this chapter shall be filed with the treasurer
      of the institution and it shall be the duty of said treasurer to keep
      and maintain separate accounts for each issue of bonds or notes in
      accordance with the covenants and directions set out in the
      resolution providing for the issuance thereof.  A sufficient portion
      of the hospital income received by the institution shall be held in
      trust by the treasurer thereof, separate and apart from all other
      funds, to be used solely and only for the purposes specified in this
      chapter and as may be required and provided for by the proceedings of
      the board authorizing the issuance of bonds or notes.  It shall be
      the duty of the treasurer of the institution to disburse funds from
      the proper account for the payment of the principal of and interest
      on the bonds or notes in accordance with the directions and covenants
      of the resolution authorizing the issuance thereof.
         If the amount of bonds or notes issued under this chapter exceeds
      the actual costs of the projects for which the bonds or notes were
      issued, the amount of the difference shall be used to pay the
      principal and interest due on bonds or notes issued under this
      chapter.  
         Section History: Early Form
         [C71, 73, 75, 77, 79, 81, § 263A.7] 
         Section History: Recent Form
         87 Acts, ch 233, §470