Iowa § 307.47 - 307.47 Materials and equipment revolving fund — annual purchase report.

§ 307.47. 307.47 Materials and equipment revolving fund — annual purchase report.

1. The highway materials and equipment revolving fund is created from moneys appropriated out of the primary road fund. From this fund shall be paid all costs for materials and supplies, inventoried stock supplies, maintenance and operational costs of equipment, and equipment replacements incurred in the operation of centralized purchasing. Direct salaries and expenses properly chargeable to direct salaries shall be paid from the fund. For each month, the department shall render a statement to each highway unit for the actual cost of materials and supplies, operational and maintenance costs of equipment, and equipment depreciation used. The expense shall be paid in the same manner as other interdepartmental billings are paid. The sum paid shall be credited to the highway materials and equipment revolving fund. 2. If surplus accrues to the revolving fund in excess of one hundred thousand dollars for which there is no anticipated need or use, the governor shall order that surplus reverted to the primary road fund. 3. When a highway unit shares equipment with another administrative unit of the department, the director shall prorate the costs of the equipment among the administrative units using the equipment. 4. The department shall present a purchase report to the legislative services agency prior to the beginning of each regular annual session of the general assembly. The report shall cover all equipment and vehicle purchases through the highway materials and equipment revolving fund during the preceding fiscal year. 86 Acts, ch 1244, §41; 88 Acts, ch 1278, §27; 2003 Acts, ch 35, §45, 49; 2015 Acts, ch 123, §14; 2024 Acts, ch 1182, §30 Referred to in §12.28 Thu Dec 11 19:34:33 2025 Iowa Code 2026, Section 307.47 (22, 0)