Iowa Code 468.78 – Sale or application at par — premium
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Terms Used In Iowa Code 468.78
- district: means a district defined by a county and one or more cities within the county pursuant to an agreement entered into by the county and cities in accordance with chapter 28E and this part with respect to drainage improvements which the county and cities determine benefit the property located in the cities and the designated unincorporated area of the county. See Iowa Code 468.585
- Proceeds: includes whatever is received when collateral or proceeds are sold, exchanged, collected, or otherwise disposed of. See Iowa Code 462A.2
Such bonds may be applied at par with accrued interest to the payment of work as it progresses upon the improvements of the district, or, the board may sell, through the county treasurer, said bonds at not less than par with accrued interest and devote the proceeds to such payment. Any premium derived from the sale of said bonds shall be credited to the drainage fund of the district.