§ 262A.6A — Iowa college super savings plan

Iowa § 262A.6A

• Jurisdiction: Iowa
• Title VII: EDUCATION, HISTORY, AND CULTURE
• Ch. 262A: UNIVERSITY BUILDINGS, FACILITIES, AND SERVICES — REVENUE BONDS

Text

§262A.7, UNIVERSITY BUILDINGS, FACILITIES, AND SERVICES — REVENUE BONDS 4
262A.7 Resolution of board and covenants undertaken.
Upon the determination by the state board of regents to undertake and carry out any
project or to refund outstanding bonds, said board shall adopt a resolution describing
generally the contemplated project and setting forth the estimated cost thereof, or describing
the obligations to be refunded, fixing the amount of bonds to be issued, the maturity or
maturities, the interest rate or rates and all details in respect thereof. Such resolution shall
contain such covenants as may be determined by the board as to the issuance of additional
bonds that may thereafter be issued payable from the student fees and charges and
institutional income received by the particular institution, the amendment or modification
of the resolution authorizing the issuance of any bonds, the manner, terms, and conditions
and the amount or percentage of assenting bonds necessary to effectuate such amendment
or modification, and such other covenants as may be deemed necessary or desirable. In the
discretion of the board any bonds issued under the terms of this chapter may be secured by
a trust indenture by and between the board and a corporate trustee, which may be any trust
company or bank having the powers of a trust company within or without the boundaries
of the state of Iowa, but no such trust indenture shall convey or mortgage the buildings
and facilities or any part thereof. The provisions of this chapter and of any resolution or
other proceedings authorizing the issuance of bonds and providing for the establishment
and maintenance of adequate student fees and charges and the application of the proceeds
thereof, together with institutional income, shall constitute a contract with the holders of
such bonds.

Legislative History

[C71, 73, 75, 77, 79, 81, §262A.7]