Iowa § 262.62 No obligation against state

Iowa Statutes

§ 262.62 — No obligation against state

Iowa § 262.62

Title VIIEDUCATION, HISTORY, AND CULTURE

Ch. 262BOARD OF REGENTS

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Bluebook

Iowa Code § 262.62 (2026).

Text

Under no circumstances shall any bonds or notes issued under the terms of this subchapter
be or become or be construed to constitute a charge against the state of Iowa within the
purview of any constitutional or statutory limitation or provision. No taxes, appropriations,
or other funds of the state of Iowa may be pledged for or used to pay such bonds or notes or
the interest thereon but any such bonds or notes shall be payable solely and only as to both
principal and interest from the net rents, profits, and income derived from the operation of
residencehallsanddormitories,includingdiningandotherincidentalfacilitiestherefor,atthe
institutions of higher learning under the control of the state board of regents as provided in
this subchapter, and the sole remedy for any breach or default of 

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Under no circumstances shall any bonds or notes issued under the terms of this subchapter
be or become or be construed to constitute a charge against the state of Iowa within the
purview of any constitutional or statutory limitation or provision. No taxes, appropriations,
or other funds of the state of Iowa may be pledged for or used to pay such bonds or notes or
the interest thereon but any such bonds or notes shall be payable solely and only as to both
principal and interest from the net rents, profits, and income derived from the operation of
residencehallsanddormitories,includingdiningandotherincidentalfacilitiestherefor,atthe
institutions of higher learning under the control of the state board of regents as provided in
this subchapter, and the sole remedy for any breach or default of the terms of any such bonds
or notes or proceedings for their issuance shall be a proceeding either in law or in equity by
suit, action or mandamus to enforce and compel performance of the duties required by this
subchapter and the terms of the resolution under which such bonds or notes are issued.