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