Statutes > Iowa Statutes > Title 7 - Education and Cultural Affairs > Subtitle 3 - Higher Education > CHAPTER 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) > 261A.16 - FUNDS FOR SALES OF OBLIGATIONS AS TRUST FUNDS -- APPLICATION OF FUNDS.

261A.16 - FUNDS FOR SALES OF OBLIGATIONS AS TRUST FUNDS -- APPLICATION OF FUNDS.

        261A.16  FUNDS FOR SALES OF OBLIGATIONS AS TRUST FUNDS
      -- APPLICATION OF FUNDS.
         Moneys received by or on behalf of the authority under this
      chapter, whether as proceeds from the sale of obligations or as
      revenues, are trust funds to be held and applied as provided in this
      chapter.  An officer with whom, or a bank or trust company with which
      the moneys are deposited shall act as trustee of the moneys and shall
      hold and apply the moneys for the purposes of this chapter, subject
      to rules that this chapter and the bond resolution authorizing the
      obligations of an issue may provide.
         Section History: Early Form
         [82 Acts, ch 1031, § 16]
         Referred to in § 261A.24