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813 – Unpaid Warrants

The Board of Directors may authorize issuance of stamped warrants when there are insufficient funds available to pay legal obligations. The Secretary-Treasurer of the Board shall show the number and amount, the date interest commences, the rate of interest and the name and address of the holder and shall keep a record of any assignment of the warrants. When sufficient funds are available, the Secretary-Treasurer shall present the warrants for payment. The Board may sell anticipatory warrants or participate in a group sale of anticipatory warrants in accordance with the statutes of the State of Iowa to generate sufficient cash flow.

Date of Revision: October 24, 1994

Legal References: Chapter 74, Chapter 74A, 291.6, 291.8, 291.12, Code of Iowa


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