16.155 - RESIDENTIAL TREATMENT FACILITIES.
16.155 RESIDENTIAL TREATMENT FACILITIES.
1. The authority may issue its bonds and notes and loan the
proceeds of the bonds or notes to a nonprofit corporation for the
purpose of financing the acquisition or construction of residential
housing or treatment facilities serving juveniles or persons with
disabilities.
2. The authority may enter into a loan agreement with a nonprofit
corporation for the purpose of financing the acquisition or
construction of residential housing or treatment facilities serving
juveniles or persons with disabilities and shall provide for payment
of the loan and security for the loan as the authority deems
advisable.
3. In the resolution authorizing the issuance of the bonds or
notes pursuant to this section, the authority may provide that the
related principal and interest are limited obligations payable solely
out of the revenues derived from the debt obligation, collateral, or
other security furnished by or on behalf of the nonprofit
corporation, and the principal or interest does not constitute an
indebtedness of the authority or a charge against the authority's
general credit or general fund.
4. The powers granted the authority under this section are in
addition to the authority's other powers under this chapter. All
other provisions of this chapter, except section 16.28, subsection 4,
apply to bonds or notes issued pursuant to, and powers granted to the
authority under this section, except to the extent the provisions are
inconsistent with this section. Section History: Recent Form
90 Acts, ch 1239, § 6
C91, § 220.155
C93, § 16.155
96 Acts, ch 1129, § 113
Referred to in § 237.14