§ 260C.62 — Accounts

Iowa § 260C.62

• Jurisdiction: Iowa
• Title VII: EDUCATION, HISTORY, AND CULTURE
• Ch. 260C: COMMUNITY COLLEGES

Text

1. A certified copy of each resolution providing for the issuance of bonds or notes under
this subchapter shall be filed with the treasurer of the institution on behalf of which the bonds
ornotesareissuedandthetreasurershallkeepandmaintainseparateaccountsforeachissue
of bonds or notes in accordance with the covenants and directions set out in the resolution
providingfortheissuanceofthebondsornotes. Allrates, fees, orrentalscollectedfortheuse
of and services provided by the residence halls and dormitories, including dining and other
incidental facilities, at each institution shall be held in trust by the treasurer, separate and
apartfromallotherfunds, tobeusedonlyforthepurposesspecifiedinthissubchapterandas
may be required and provided for by the proceedings of the board authorizing the issuance of
bondsornotes. Thetreasurerofeachinstitutionshalldisbursefundsfromtheproperaccount
for the payment of the principal of and interest on the bonds or notes in accordance with the
directions and covenants of the resolution authorizing the issuance of the bonds or notes.
2. If the amount of bonds or notes issued under this chapter exceeds the actual costs of
the projects for which the bonds or notes were issued, the amount of the difference shall be
used to pay the principal and interest due on bonds or notes issued under this chapter.