Iowa Code 294.9 – Fund
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The fund for such retirement system shall be created from the following sources:
1. From the proceeds of an assessment of teachers in the school district not exceeding one percent of their salaries in a given school year, or such greater percentage as the board of directors of such school district may authorize and a majority of such teachers shall, at the time of such authorization by the board, agree to pay.
Terms Used In Iowa Code 294.9
- Bequest: Property gifted by will.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- School: means an agency of the state or political subdivision of the state, individual, partnership, company, firm, society, trust, association, corporation, or any combination which meets any of the following criteria:a. See Iowa Code 261B.2
- year: means twelve consecutive months. See Iowa Code 4.1
2. From the proceeds of an annual tax levy.3. From the interest on any permanent fund which may be created by gift, bequest, or otherwise.