260C.63 - NO OBLIGATION AGAINST STATE.
260C.63 NO OBLIGATION AGAINST STATE.
Under no circumstances shall any bonds or notes issued under the
terms of this division be or become or be construed to constitute a
charge against the state of Iowa within the purview of any
constitutional or statutory limitation or provision. Taxes,
appropriations, or other funds of the state of Iowa shall not be
pledged for or used to pay for the bonds or notes or for the interest
on the bonds or notes. Any principal and interest on bonds or notes
issued under this division shall be payable only from the net rents,
profits, and income derived from the operation of residence halls and
dormitories, including dining and other incidental facilities, at the
institutions of higher learning under the control of the board, and
the sole remedy for any breach or default of the terms of any bonds
or notes or proceedings for their issuance shall be a proceeding
either in law or in equity by suit, action, or mandamus to enforce
and compel performance of the duties required by this division and
the terms of the resolution under which the bonds or notes are
issued. Section History: Recent Form
90 Acts, ch 1253, §65
C91, § 280A.63
C93, § 260C.63