Effective 28 Aug 1961

257.330. Funds of district, how kept — cost of plans, how paid — use of surplus. — 1. The moneys of every conservancy district organized hereunder shall consist of five separate funds:

(1) Preliminary fund, which shall include the proceeds of the organization tax authorized by this chapter and such advancements as may be made from the general county funds as provided in this chapter;

(2) Bond fund, which shall include the proceeds of the sale of general obligation river basin conservancy bonds;

(3) Amortization fund, which shall include the proceeds of levies made for interest on and amortization of general obligation bonds issued under the provisions of this chapter;

(4) General fund, which shall include all other revenues together with the proceeds of annual levies made for the purposes of administration, current expenses, improvements and facilities and for the maintenance and operation of the district; and

(5) Aid fund, which shall include any fund for aiding the work of the district furnished by the United States, this state, other states, public corporations, or persons.

2. It is intended that the cost of general improvements made or facilities provided by the district shall include the cost of preparing the official plans and specifications therefor, of any appraisals occasioned thereby, of any lands or property purchased or condemned therefor and of the entire cost of engineering, construction and superintendence, and all charges incidental thereto, and that the same may be paid for out of the bond fund from the proceeds of general obligation bonds issued for such improvements or facilities.

3. No vouchers shall be drawn against any fund until an authorizing resolution therefor shall have been properly passed by the board of trustees, and duly entered upon its records.

4. Any surplus funds in the treasury of the district may be used for retiring bonds, reducing the rate of assessment or for accomplishing any other of the legitimate objects of the district.

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(L. 1959 S.B. 199 § 33, A.L. 1961 p. 463)