§ 262A.9 — Bond fund account

Iowa § 262A.9

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

Text

1. A certified copy of each resolution providing for the issuance of bonds under this
chapter shall be filed with the treasurer of the institution on behalf of which the bonds are
issued and it shall be the duty of said treasurer to keep and maintain separate accounts for
each issue of bonds in accordance with the covenants and directions set out in the resolution
providing for the issuance thereof. A sufficient portion of the student fees and charges
and institutional income received by each institution shall be held in trust by the treasurer
thereof, separate and apart from all other funds, to be used solely and only for the purposes
specified in this chapter and as may be required and provided for by the proceedings of
the board authorizing the issuance of bonds. It shall be the duty of the treasurer of each
institution to disburse funds from the proper account for the payment of the principal of
and interest on the bonds in accordance with the directions and covenants of the resolution
authorizing the issuance thereof.
2. Iftheamountofbondsissuedunderthischapterexceedstheactualcostsoftheprojects
for which bonds were issued, the amount of the difference shall be used to pay the principal
and interest due on bonds issued under this chapter.

Legislative History

[C71, 73, 75, 77, 79, 81, §262A.9]