COMPILED CODE - Iowa Legislature - State of Iowa

440
il 8428-8437. INVESTMENT OF TRUST FUNDS. Tit. XXXI, Gh. 31.
17 resident of the state, worth double the sum to be secured beyond the
18 amount of his debts and must have property liable to execution in this
19 state equal to double the sum to be secured. When there are two or
20 more sureties other than corporate signing the same bond, they must
21 in the aggregate have the qualifications provided in this section. The
22 bond shall be subject to the approval of and run to said body, board,
23 committee, or other public representative, for its use and benefit and
24 for the use and benefit of all persons, firms and corporations who
25 shall perform any labor or furnish any material, including fuel, in
26 the carrying out of such public contract, and shall have as one of its
27 conditions, the following paragraph:
28 "Now, therefore, the condition of this obligation is such that if
29 the principal shall faithfully perform the contract on his part, and
30 satisfy all claims and demands, incurred for the same, and shall fully
31 indemnify and save harmless the owner from all cost and damage
32 which he may suffer by reason of failure so to do, and shall fully reim-
33 burse and repay the owner all outlay and expense which the owner
34 may incur in making good any such default, and shall pay all persons
35 who have contracts directly with the principal for subcontractors for
36 labor or materials, then this obligation shall be null and void; other-
37 wise it shall remain in full force, and effect".
38 The foregoing condition shall at all times be additional to those
39 conditions and requirements now or hereafter required by statute to
40 be a part of such bonds. The provisions and requirements of this sec-
41 tion and sections eighty-four hundred twenty-eight of this supple-
42 ment, eighty-four hundred twenty-nine and eighty-four hundred thirty
43 of the compiled code shall not be modified or annulled by contrary
44 provisions in any such bond or contract.
[38 G. A., ch. 347, § 1 ; 39 G. A., ch. 28, § 1.]
SEC. 8428. Executed in duplicate—copy filed in office of clerk of
district court—suit thereon.
1 Such bond shall be executed in duplicate, one copy of which shall
2 be filed in the office of the clerk of the district court of the county in
3 which such public work is to be performed ; and any person for whose
4 benefit the bond is given, or his assigns, may bring an action on such
5 bond for the recovery of such indebtedness; provided that no such
6 action shall be brought on said bond after six months of the comple-
7 tion of any public improvement or building, and provided that a veri-
8 fied, itemized statement of the claim shall be filed with the city clerk,
9 county auditor or secretary of the school board, as the case may be,
10 within four months after the last item of material is furnished or labor
11 performed.
[38 G. A., ch. 347, § 2 ; 39 G. A., ch. 147, § 1.]
SEC. 8437. Investments—in what to be made.
1 Where investments of funds are to be made, including those to
2 be made by executors, administrators, trustees and guardians, and no
3 mode of investment is pointed out by statute, they may under order
4 of court be made in the bonds of this state, or of those of the United
5 States, or federal farm loan bonds issued under the provisions of the
6 act of congress approved July seventeenth, nineteen hundred sixteen,
7 or in bond or mortgage upon real property of the clear unincumbered
8 value of twice the investment or in bonds issued by or under the