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Code · Iowa · Chapter 28J — Port Authorities

28J.14 Secretary to furnish bond — deposit and disbursement of funds.

109 words·~1 min read·/ia/chapter-28j-port-authorities/28j-14·

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Before receiving any revenues, the secretary of a port authority shall furnish a bond in such amount as shall be determined by the port authority with sureties satisfactory to the port authority, and all funds coming into the hands of the secretary shall be deposited by the secretary to the account of the port authority in one or more such depositories as shall be qualified to receive deposits of county funds, which deposits shall be secured in the same manner as county funds are required to be secured. A disbursement shall not be made from such funds except in accordance with policies and procedures adopted by the port authority.
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