A city, county, or other political subdivision may establish an encumbrance system for any obligation not liquidated at the close of the fiscal year in which the obligation has been encumbered. The encumbered obligations may be retained upon the books of the city, county, or other political subdivision until liquidated, all in accordance with generally accepted governmental accounting practices.
Iowa Code § 24.34
Unliquidated obligations
Known as the Local Budget Law
The act spans §§ 24–24 (33 sections).
[C75, 77, 79, 81, §24.34]
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.