Iowa Code 28J.25 – Funds and property held in trust — use and deposit of funds
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 28J.25
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Port authority: means an entity created pursuant to section 28J. See Iowa Code 28J.1
- Port authority revenue bonds: means revenue bonds and revenue refunding bonds issued pursuant to section 28J. See Iowa Code 28J.1
- public funds: means public funds as defined in section 12C. See Iowa Code 12B.10C
- Revenues: means rental fees and other charges received by a port authority for the use or services of a facility, a gift or grant received with respect to a facility, moneys received with respect to the lease, sublease, sale, including installment sale or conditional sale, or other disposition of a facility, moneys received in repayment of and for interest on any loans made by the port authority to a person or governmental agency, proceeds of port authority revenue bonds for payment of principal, premium, or interest on the bonds authorized by the port authority, proceeds from any insurance, condemnation, or guarantee pertaining to the financing of the facility, and income and profit from the investment of the proceeds of port authority revenue bonds or of any revenues. See Iowa Code 28J.1
- Trustee: A person or institution holding and administering property in trust.
All revenues, funds, properties, and assets acquired by the port authority under this chapter, whether as proceeds from the sale of port authority revenue bonds, pledge orders, or as revenues, shall be held in trust for the purposes of carrying out the port authority’s powers and duties, shall be used and reused as provided in this chapter, and shall at no time be part of other public funds. Such funds, except as otherwise provided in a resolution authorizing port authority revenue bonds or in a trust agreement securing the same, or except when invested pursuant to section 28J.26, shall be kept in depositories selected by the port authority in the manner provided in chapter 12C, and the deposits shall be secured as provided in that chapter. The resolution authorizing the issuance of revenue bonds or pledge orders, or the trust agreement securing such bonds or pledge orders, shall provide that any officer to whom, or any bank or trust company to which, such moneys are paid shall act as trustee of such moneys and hold and apply them for the purposes hereof, subject to such conditions as this chapter and such resolution or trust agreement provide.