260C.59 - RATES AND TERMS OF BONDS OR NOTES.
260C.59 RATES AND TERMS OF BONDS OR NOTES.
The bonds or notes may bear a date or dates, may bear interest at
such rate or rates, may mature at such time or times, may be in such
form, carry such registration privileges, may be payable at such
place or places, may be subject to such terms of redemption prior to
maturity with or without premium, if so stated on the face of the
bonds, and may contain any terms and covenants as may be provided by
the resolution of the board authorizing the issuance of the bonds or
notes. In addition to the estimated cost of construction, the cost
of the project shall be deemed to include interest upon the bonds or
notes during construction and for six months after the estimated
completion date, the compensation of a fiscal agent or adviser, any
underwriter discount, and engineering, administrative and legal
expenses. The bonds or notes shall be executed by the president of
the board of directors and attested by the secretary. Any bonds or
notes bearing the signatures of officers in office on the date of the
signing shall be valid and binding for all purposes, notwithstanding
that before delivery of the bonds or notes any or all persons whose
signatures appear on the bonds or notes shall have ceased to be
officers. Each bond or note shall state upon its face the name of
the institution on behalf of which it is issued, that it is payable
solely and only from the net rents, profits and income derived from
the operation of residence halls or dormitories, including dining and
other incidental facilities, at the institution named, and that it
does not constitute a charge against the state of Iowa within the
meaning or application of any constitutional or statutory limitation
or provision. The issuance of bonds or notes shall be recorded in
the office of the treasurer of the institution on behalf of which the
bonds or notes are issued, and a certificate by such treasurer to
this effect shall be printed on the back of each such bond or note.
Section History: Recent Form
90 Acts, ch 1253, §61
C91, § 280A.59
91 Acts, ch 267, §246
C93, § 260C.59
94 Acts, ch 1023, §95