§ 261A.44 — Obligations secured by trust agreement

Iowa § 261A.44

• Jurisdiction: Iowa
• Title VII: EDUCATION, HISTORY, AND CULTURE
• Ch. 261A: HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS)

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estimates or otherwise, are less than the costs, additional obligations may in like manner be
issued to provide the amount of the deficit, and, unless otherwise provided in the resolution
authorizing the issuance of the obligations or in the trust agreement securing them, shall be
deemed to be of the same issue and shall be entitled to payment from the same fund without
preference or priority of the obligations first issued. If the proceeds of the obligations of
an issue shall exceed the cost of the project for which the same shall have been issued, the
surplus shall be deposited to the credit of the sinking fund for the obligations. Prior to the
preparation of definitive obligations, the authority may, under like restrictions, issue interim
receipts or temporary obligations, with or without coupons, exchangeable for definitive
obligations when the obligations have been executed and are available for delivery.
4. The authority may also provide for the replacement of obligations which become
mutilated or are destroyed or lost. Obligations may be issued under this subchapter without
obtaining the consent of an officer, department, division, commission, board, bureau, or
agency of the state, and without other proceedings or conditions other than those which are
specifically required by this subchapter. The authority may purchase its bonds out of funds
available for that purpose. The authority may hold, pledge, cancel, or resell the obligations,
subject to and in accordance with any agreement with the obligation holders. Members
of the authority and any person executing the obligations are not liable personally on the
obligations or subject to personal liability or accountability by reason of the issuance of the
obligations.