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701.2 TRANSFER OF FUNDS

The board may loan monies between funds, as it deems necessary. The board shall exercise this authority judiciously.

A loan from one fund to the other will be at a rate of interest consistent with the state rate. The period of the loan shall be for a reasonable period and no longer than one year from the beginning date of the loan.

When the necessity for an account has ceased to exist, the balance may be transferred to another account or fund by resolution of the board. Only monies that were received for use without a designated purpose may be transferred in this manner. Funds received for a specific use or upon vote of the people shall only be used for the purpose designated unless a minimal amount which can be transferred.

It shall be the responsibility of the board secretary to make recommendations to the board regarding loans and transfers and to provide supporting evidence for the transfer.

 

Legal Reference:  

      (Code of Iowa)  24.21-22; 279.8; 291.13 1995

 

Related Administrative Rules and Regulations:    

     703  Budget

Date Approved: January 14, 1991            Date Reviewed: July 11,2011                           Date of Revision: