Iowa § 261A.46 Obligations not liability of state or political subdivision

Iowa Statutes

§ 261A.46 — Obligations not liability of state or political subdivision

Iowa § 261A.46

Title VIIEDUCATION, HISTORY, AND CULTURE

Ch. 261AHIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS)

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Bluebook

Iowa Code § 261A.46 (2026).

Text

Obligations issued pursuant to this subchapter are not debts of the state or of any political
subdivision of the state or a pledge of the faith and credit of the state or of any political
subdivision, but the obligations are limited obligations of the authority payable solely
from the funds or securities, pledged for their payment as authorized in this subchapter,
unless the obligations are refunded by refunding obligations issued under this subchapter,
which refunding obligations shall be payable solely from funds or securities pledged for
their payment as authorized in this subchapter. All revenue obligations shall contain on
their face a statement to the effect that the obligations, as to both principal and interest,
are not obligations of the state, or of any political subdivision of t

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Obligations issued pursuant to this subchapter are not debts of the state or of any political
subdivision of the state or a pledge of the faith and credit of the state or of any political
subdivision, but the obligations are limited obligations of the authority payable solely
from the funds or securities, pledged for their payment as authorized in this subchapter,
unless the obligations are refunded by refunding obligations issued under this subchapter,
which refunding obligations shall be payable solely from funds or securities pledged for
their payment as authorized in this subchapter. All revenue obligations shall contain on
their face a statement to the effect that the obligations, as to both principal and interest,
are not obligations of the state, or of any political subdivision of the state, but are limited
obligations of the authority payable solely from revenue or securities pledged for their
payment. Expenses incurred in carrying out this subchapter are payable solely from funds
provided under this subchapter, and this subchapter does not authorize the authority to
incur indebtedness or liability on behalf of or payable by the state or any political subdivision
of the state.