Harbor Improvement BondsFunds
Section § 4100
This section of the law states that any bonds sold for purposes under this chapter must be sold at their face value or more, including any interest that has built up. The money from selling these bonds must be put into a county treasury and credited to a special harbor fund, specifically created by the commission for this reason. The money can only be used for the purpose the bonds were issued for.
The commission can also receive donations, which must be added to the special fund and used only for the donated purposes. Money can only be taken out of this fund with a warrant from the county auditor, based on a written order from the commission and approval from the board.
Section § 4101
Before voting on bonds, the board can manage tasks under this chapter by taking on or allowing debts or obligations up to a total of $5,000 for the whole county. They can audit, approve, and pay these amounts as part of their financial responsibilities.
Section § 4102
This law section explains that if the commission demonstrates a need, the board can approve extra spending of up to $5,000, but only if four out of five members agree. However, they can only release $1,000 at a time.
Section § 4103
This law states that initially, any required payments will come from the county's general fund. Once there's enough money in the harbor fund, it should repay the general fund. After that, all future payments should be made directly from the harbor fund.
Section § 4104
This law allows the board, based on a commission's recommendation, to use funds from the harbor fund for improvements, development, or protection of a harbor alongside state or federal projects. The board can also choose to give all or part of the fund to state or federal governments for these purposes.
Section § 4105
This law requires the commission to create and submit a detailed report every six months to the board. This report must include how much money was in the harbor fund at the last report, any donations received since then and their purposes, the amount spent and the reasons for the spending, and the remaining balance in the fund.