Statutes > Iowa Statutes > Title 7 - Education and Cultural Affairs > Subtitle 6 - School Districts > CHAPTER 279 - DIRECTORS == POWERS AND DUTIES > 279.53 - LOAN PROCEEDS.

279.53 - LOAN PROCEEDS.

        279.53  LOAN PROCEEDS.
         The proceeds of loans issued to school districts pursuant to
      section 279.48, 279.52, or 473.20 shall be deposited into either the
      general fund of a school district or the physical plant and equipment
      levy fund.  The board of directors shall expend the amount of the
      principal and interest due each year to maturity from the same fund
      into which the loan proceeds were deposited.
         Section History: Recent Form
         2008 Acts, ch 1041, §1