74.9 - PAYMENT IN CASE OF DEFAULT BY SCHOOL.
74.9 PAYMENT IN CASE OF DEFAULT BY SCHOOL.
In the event a school corporation which has issued anticipatory
warrants fails to pay principal or interest of its anticipatory
warrants when due, upon certification by the trustee or the paying
agent designated pursuant to section 76.10 to the director of the
department of administrative services, the director of the department
of administrative services shall withhold and directly apply, from
any state appropriation to which the school corporation is entitled,
so much as is certified to the trustee or the paying agent to the
payment of the principal and interest on the anticipatory warrants of
the school corporation then due. The obligation of the director of
the department of administrative services to withhold and directly
apply moneys from any state appropriation to which the school
corporation is entitled does not create any moral or legal
obligations of the state to pay, when due, the principal and interest
on the anticipatory warrants of a school corporation. All
appropriations for school corporations shall be subject to the
provisions of this section. Section History: Recent Form
89 Acts, ch 319, §37; 2003 Acts, ch 145, §286