260C.62 - ACCOUNTS.
260C.62 ACCOUNTS.
A certified copy of each resolution providing for the issuance of
bonds or notes under this division shall be filed with the treasurer
of the institution on behalf of which the bonds or notes are issued
and the treasurer shall keep and maintain separate accounts for each
issue of bonds or notes in accordance with the covenants and
directions set out in the resolution providing for the issuance of
the bonds or notes. All rates, fees, or rentals collected for the
use of and services provided by the residence halls and dormitories,
including dining and other incidental facilities, at each institution
shall be held in trust by the treasurer, separate and apart from all
other funds, to be used only for the purposes specified in this
division and as may be required and provided for by the proceedings
of the board authorizing the issuance of bonds or notes. The
treasurer of each institution shall disburse funds from the proper
account for the payment of the principal of and interest on the bonds
or notes in accordance with the directions and covenants of the
resolution authorizing the issuance of the bonds or notes.
If the amount of bonds or notes issued under this chapter exceeds
the actual costs of the projects for which the bonds or notes were
issued, the amount of the difference shall be used to pay the
principal and interest due on bonds or notes issued under this
chapter. Section History: Recent Form
90 Acts, ch 1253, §64
C91, § 280A.62
C93, § 260C.62