260C.71 - COMMUNITY COLLEGE BOND PROGRAM -- DEFINITIONS -- FUNDING -- BONDS AND NOTES.
260C.71 COMMUNITY COLLEGE BOND PROGRAM -- DEFINITIONS
-- FUNDING -- BONDS AND NOTES.
1. As used in this section and section 260C.72, unless the
context otherwise requires:
a. "Authority" means the Iowa finance authority.
b. "Bonds" means revenue bonds which are payable solely
as provided in this section and section 260C.72.
2. The authority shall cooperate with the state board for
community colleges, individual community colleges, and private
developers, acting in conjunction with a community college to build
housing facilities in connection with the community college, in the
creation, administration, and funding of a community college
dormitory bond program to finance housing facilities, such as
dormitories, in connection with a community college.
3. The authority may issue its bonds and notes for the purpose of
funding the nonrecurring cost of acquiring, constructing, and
equipping a community college related facility, such as a dormitory.
4. The authority may issue its bonds and notes for the purposes
of this chapter and may enter into one or more lending agreements or
purchase agreements with one or more bondholders or noteholders
containing the terms and conditions of the repayment of and the
security for the bonds or notes. The authority and the bondholders
or noteholders or a trustee agent designated by the authority may
enter into agreements to provide for any of the following:
a. That the proceeds of the bonds and notes and the
investments of the proceeds may be received, held, and disbursed by
the authority or by a trustee or agent designated by the authority.
b. That the bondholders or noteholders or a trustee or agent
designated by the authority may collect, invest, and apply the amount
payable under the loan agreements or any other instruments securing
the debt obligations under the loan agreements.
c. That the bondholders or noteholders may enforce the
remedies provided in the loan agreements or other instruments on
their own behalf without the appointment or designation of a trustee.
If there is a default in the principal of or interest on the bonds or
notes or in the performance of any agreement contained in the loan
agreements or other instruments, the payment or performance may be
enforced in accordance with the loan agreement or other instrument.
d. Other terms and conditions as deemed necessary or
appropriate by the authority.
5. The powers granted the authority under this section are in
addition to other powers contained in chapter 16. All other
provisions of chapter 16, except section 16.28, subsection 4, apply
to bonds or notes issued and powers granted to the authority under
this section, except to the extent they are inconsistent with this
section.
6. All bonds or notes issued by the authority in connection with
the program are exempt from taxation by this state and the interest
on the bonds or notes is exempt from state income tax, both personal
and corporate. Section History: Recent Form
90 Acts, ch 1253, §76; 90 Acts, ch 1254, § 6
C91, § 280A.71
C93, § 260C.71
Referred to in § 16.162, 260C.72, 260C.73