384.57 - MONTHLY PAYMENTS.

        384.57  MONTHLY PAYMENTS.         The city may contract to pay not to exceed ninety-five percent of      the engineer's estimated value of the acceptable work completed      during the month to the contractor at the end of each month.  Payment      may be made in warrants drawn on any funds from which payment for the      work may be made.  If such funds are depleted, anticipatory warrants      may be issued bearing a rate of interest not exceeding that permitted      by chapter 74A, which do not constitute a violation of section      384.10, even if the collection of taxes or special assessments or      income from the sale of bonds applicable to the public improvement is      after the end of the fiscal year in which the warrants are issued.      If the city arranges for the private sale of anticipatory warrants,      they may be sold and the proceeds used to pay the contractor.      Anticipatory warrants may also be used to pay other persons      furnishing services constituting a part of the cost of the public      improvement.  The provisions of this section and section 384.58 shall      not apply if the city has entered into a contract with the federal      government or accepted a federal grant which is governed by federal      laws or rules that are contrary to this section and section 384.58.      
         Section History: Early Form
         [C50, § 391A.19; C54, 58, 62, 66, 71, 73, § 391A.22; C75, 77, 79,      81, § 384.57; 81 Acts, ch 127, § 1]         Referred to in § 384.58