260C.61 - RATES, FEES, AND RENTALS -- PLEDGE.
260C.61 RATES, FEES, AND RENTALS -- PLEDGE.
If bonds or notes are issued by a board, the board shall
establish, impose, and collect rates, fees or rentals for the use of
and services provided by the residence halls and dormitories,
including dining and other incidental facilities therefor, at the
institution on behalf of which the bonds or notes are issued, shall
adjust the rates, fees, or rentals from time to time, in order to
always provide net amounts sufficient to pay the principal of and
interest on the bonds or notes as they become due, and shall maintain
a reserve. The board may pledge a sufficient amount of the net
rents, profits and income derived from the operation of residence
halls and dormitories, including dining and other facilities, at the
institution for this purpose. Rates, fees, or rentals collected at
one institution shall not be used to discharge bonds or notes issued
for or on account of another institution. All bonds or notes issued
under the terms of this division shall be exempt from taxation by the
state of Iowa and the interest on the bonds or notes is exempt from
the state income tax. Section History: Recent Form
90 Acts, ch 1253, §63
C91, § 280A.61
C93, § 260C.61