§ 904.317

904.317 Director may buy and sell real estate — options. 1. The director, subject to the approval of the board, may secure options to purchase real estate and acquire and sell real estate for the proper uses of the institutions. Real estateshall be acquired and sold upon terms and conditions the director recommends subject tothe approval of the board. Upon sale of the real estate, the proceeds shall be depositedin a corrections capital reinvestment fund, which is established in the state treasury underthe purview of the department. There is appropriated from the fund to the department theproceeds, which may be used to purchase other real estate or for capital improvements uponproperty under the director’s supervision. Notwithstanding section 8.33, moneys in the fundthat remain unencumbered or unobligated at the close of a fiscal year shall not revert butshall remain available for expenditure for the purposes designated. Notwithstanding section12C.7, subsection 2, interest or earnings on moneys in the fund shall be credited to the fund. 2. The costs incident to the securing of options and acquisition and sale of real estate including, but not limited to, appraisals, invitations for

n moneys in the fund shall be credited to the fund. 2. The costs incident to the securing of options and acquisition and sale of real estate including, but not limited to, appraisals, invitations for offers, abstracts, and other necessarycosts, may be paid from moneys appropriated for support and maintenance to the institutionat which the real estate is located. The funding source for these costs shall be reimbursedfrom the proceeds of the sale. 83 Acts, ch 96, §51, 159CS83, §217A.7385 Acts, ch 21, §54CS85, §246.31786 Acts, ch 1244, §31C93, §904.3172023 Acts, ch 113, §26, 282023 amendment effective June 30, 2023; transfer of moneys in general fund from real estate sales that are available to the department of corrections; 2023 Acts, ch 113, §27, 28 Section amended Sat Dec 23 12:38:43 2023 Iowa Code 2024, Section 904.317 (28, 4)