384.89 - TRANSFER OF SURPLUS. - Iowa Statutes

384.89 TRANSFER OF SURPLUS. The governing body of a city utility, combined utility system, city enterprise, or combined city enterprise which has on hand surplus funds, after making all deposits into all funds required by the terms, covenants, conditions, and provisions of outstanding revenue bonds, pledge orders, and other obligations which are payable from the revenues of the city utility, combined utility system, city enterprise, or combined city enterprise and after complying with all of the requirements, terms, covenants, conditions and provisions of the proceedings and resolutions pursuant to which revenue bonds, pledge orders, and other obligations are issued, may transfer such surplus funds to any other fund of the city in accordance with any rules promulgated by the city finance committee created in section 384.13 if the transfer is also approved by the city council, provided that no transfer may be made if it conflicts with any of the requirements, terms, covenants, conditions or provisions of any resolution authorizing the issuance of revenue bonds, pledge orders, or other obligations which are payable from the revenues of the city utility, combined utility system, city enterprise, or combined city enterprise which are then outstanding.          Section History: Early Form [C27, 31, 35, § 6151-b1--6151-b3, 6151-c1; C39, § 6151.1--6151.4; C46, 50, 54, 58, 62, 66, 71, 73, § 397.38--397.41; C75, 77, 79, 81, § 384.89] Referred to in § 26.9, 389.4, 390.5, 437A.3, 437A.4, 437A.5, 437A.8