Iowa Code § 279.41: Schoolhouses and sites sold — funds.

1. Moneys received from the condemnation, sale, or other disposition for public purposes of schoolhouses, school sites, or both schoolhouses and school sites, shall be deposited in the physical plant and equipment levy fund and may, without a vote of the electorate, be used for purposes authorized under section 298.3, as ordered by the board of directors of the school corporation.

2. Notwithstanding subsection 1, the board of directors of a school corporation may take action to deposit moneys received as provided in subsection 1 in any account maintained by the school corporation after holding a public hearing on the proposed action of the board. The board shall publish notice of the time and place of the public hearing in the same manner as required in section 24.9.