384.3 General fund — major equipment reserve savings account or additional fund.
380 words·~2 min read·
/ia/chapter-384-city-finance/384-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. All moneys received for city government purposes from taxes and other sources must be credited to the general fund of the city, except that moneys received for the purposes of the debt service fund, the trust and agency funds, the capital improvements reserve fund, the emergency fund, and other funds established by state law must be deposited as otherwise required or authorized by state law. All moneys received by a city from the federal government must be reported to the department of management, who shall transmit a copy to the legislative services agency.
2. a. A city may establish an additional fund or a reserve savings account to pay costs associated with the acquisition, possession, and maintenance of major equipment for police, fire, rescue, or emergency medical services. Moneys in a fund or account established under this paragraph may remain in the fund or account at the end of each fiscal year.
b. If a city has established an additional fund or a reserve savings account under paragraph “a” and has received a payment, award, judgment, or insurance settlement for damaged police, fire, rescue, or emergency medical services equipment or vehicles, the city shall deposit the moneys into the relevant fund or account rather than into the general fund of the city. However, if a city uses moneys from its general fund to cover costs to repair or replace damaged police, fire, rescue, or emergency medical services equipment or vehicles, the city may deposit into its general fund an amount received from the payment, award, judgment, or insurance settlement that is equal to the amount used from the general fund.
The city shall deposit any remaining amount received from the payment, award, judgment, or insurance settlement into the relevant fund or account established under paragraph “a”.
c. If a city has established an additional fund under paragraph “a”, moneys remaining in the fund at the end of the fiscal year may be deposited into a reserve savings account. Moneys in a reserve savings account shall be used for the purpose of maintaining or acquiring major equipment including vehicles.
[C50, §395.26; C54, 58, §395.26, 404.2, 404.23; C62, 66, 71, 73, §395.26, 404.2, 404.24; C75, 77, 79, 81, §384.3]
Property rights defense account; 2009 Acts, ch 179, §148, 153
Section amended