The board may conduct an election for the authority to issue bonded indebtedness. Revenues generated from an approved bond issue shall be used only for the purpose stated on the ballot. Once the purpose on the ballot is completed, any balance remaining in a capital projects fund may be retained for future capital projects in accordance with the purpose stated on the ballot or any remaining balance may be transferred by board resolution to the debt service fund or the physical plant and equipment levy fund. Voter approval is required to transfer monies to the general fund from the capital projects fund.
Revenues received from the issuing of bonded indebtedness shall be deposited into the capital projects fund.
Legal Reference: Iowa Code §§ 74-76; 278.1; 298; 298A (2003).
Cross Reference: 701 Financial Accounting System
704 Revenue
Approved 11/1/2004 Reviewed 10/26/2009 Revised __________
11/17/2014
01/20/2020
