Iowa Code 185C.26 – Deposit of moneys — corn promotion fund
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Terms Used In Iowa Code 185C.26
- Assessment: means a state or federal assessment. See Iowa Code 185C.1
- Board: means the Iowa grain indemnity fund board created in section 203D. See Iowa Code 203D.1
- Board: means the Iowa corn promotion board established by this chapter. See Iowa Code 185C.1
- Corn: means and includes all kinds of varieties of corn marketed or sold as corn by the producer but shall not include sweet corn or popcorn or seed corn. See Iowa Code 185C.1
- Department: means the department of environmental quality in a reference to a time before July 1, 1983, the department of water, air and waste management in a reference to a time on or after July 1, 1983, and through June 30, 1986, and the department of natural resources on or after July 1, 1986, and includes any officer or agency within that department. See Iowa Code 172D.1
- Fund: means the grain depositors and sellers indemnity fund created in section 203D. See Iowa Code 203D.1
- Qualified financial institution: means a bank or credit union as defined in section 12C. See Iowa Code 185C.1
- Secretary: means the secretary of agriculture. See Iowa Code 185C.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
A state assessment collected by the board from a sale of corn shall be deposited in the office of the treasurer of state in a special fund known as the corn promotion fund. The fund may include any gifts, rents, royalties, interest, license fees, or a federal or state grant received by the board. Moneys collected, deposited in the fund, and transferred to the board as provided in this chapter shall be subject to audit by the auditor of state. The auditor of state may seek reimbursement for the cost of the audit from moneys deposited in the fund as provided in this chapter. The department of administrative services shall transfer moneys from the fund to the board for deposit into an account established by the board in a qualified financial institution. The department shall transfer the moneys as provided in a resolution adopted by the board. However, the department is only required to transfer moneys once during each day and only during hours when the offices of the state are open. From moneys collected, the board shall first pay all the direct and indirect costs incurred by the secretary and the costs of referendums, elections, and other expenses incurred in the administration of this chapter, before moneys may be expended to carry out the purposes of this chapter as provided in section 185C.11.