Iowa § 279.48 Equipment purchase

Iowa Statutes

§ 279.48 — Equipment purchase

Iowa § 279.48

Title VIIEDUCATION, HISTORY, AND CULTURE

Ch. 279DIRECTORS — POWERS AND DUTIES

This text of Iowa § 279.48 (Equipment purchase) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 279.48 (2026).

Text

1.The board of directors of a school corporation may purchase equipment, and may negotiate and enter into a loan agreement and issue a note to pay for the equipment subject to the following terms and procedures:

a.The note must mature within five years, or the useful life of the equipment, whichever is less.

b.The note may bear interest at a rate to be determined by the board of directors in the manner provided in section 74A.3, subsection 1, paragraph “a”. Chapter 75 is not applicable.

c.The board of directors shall provide for the form of the agreement and note.

d.Principal and interest on the note must be payable from budgeted receipts in the debt service fund for each year of a period of up to five years.

2.The total of scheduled annual payments of principal or interest due and p

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1. The board of directors of a school corporation may purchase equipment, and may
negotiate and enter into a loan agreement and issue a note to pay for the equipment subject
to the following terms and procedures:
a. The note must mature within five years, or the useful life of the equipment, whichever
is less.
b. The note may bear interest at a rate to be determined by the board of directors in the
manner provided in section 74A.3, subsection 1, paragraph “a”. Chapter 75 is not applicable.
c. The board of directors shall provide for the form of the agreement and note.
d. Principal and interest on the note must be payable from budgeted receipts in the debt
service fund for each year of a period of up to five years.
2. The total of scheduled annual payments of principal or interest due and payable from
current budgeted receipts or future budgeted receipts with respect to all loan agreements
authorized under this section or section 285.10, subsection 7, paragraph “b”, must not exceed
ten percent of the last authorized budget of the school corporation.