Iowa Code § 359.26: Transfer of funds.

The moneys and assets belonging to each civil township described in section 359.24 shall become the moneys and assets of the city in which the civil township is situated. The township clerks shall turn such moneys and assets over to the city treasurer or clerk, to be disbursed by the city in the same manner and for the same purposes as required by law for the disposition of township funds. The city shall assume all liabilities of a civil township to which the provisions of this section apply.