The board may conduct an election for the authority to issue bonded indebtedness as authorized by Iowa law. Revenues generated from an approved bond issue are 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;transferred by board resolution to the debt service fund, the physical plant and equipment levy fund, another capital project fund, or to the fund from which the surplus originated; or transferred to the general fund in accordance with Iowa law. Voter approval is required to transfer monies to the general fund from the capital projects fund.
Revenues received from the issuing of bonded indebtedness are deposited into the capital projects fund.
704 Revenue
Approved 10-18-04 Reviewed 1-19-09 Revised 4-17-19