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Iowa Faces Question If Federal Relief Funds Are State Money
The Iowa legislature weighs whether federal relief grants in the Town-Des Moines National bank account count as state money. If classified as public deposits, the bank would owe 1 percent interest on 90 percent of the seven month average balance, about 35 000 yearly based on a 4 to 5 million balance. Weathered by varying federal contributions, the funds mix with state inputs from a three point tax program and face annual debt payments and a large volume of small relief checks.
MENTIONED IN THIS ARTICLE
Des Moines
Iowa Daily Press Bureau
Towa Emergency Relief Administration
Statehouse
Attorney-General
Des Moines National Bank
Laser
Wrockhart
Iowa
Eame
FERA
Executive Council
Leo Wegman