261A.37 - LOANS AUTHORIZED.
261A.37 LOANS AUTHORIZED.
The authority may make loans to an institution for the cost of a
project or in anticipation of the receipt of tuition by the
institution in accordance with an agreement between the authority and
the institution, except that a loan for the cost of a project shall
not exceed the total cost of the project, as determined by the
institution and approved by the authority and except that loans in
anticipation of the receipt of tuition shall not exceed the
anticipated amount of tuition to be received by the institution in
the one-year period following the date of the loan. The authority
may lease projects to institutions under the terms of lease
agreements determined by the institution and the authority, except
that the term of the lease shall not exceed the estimated useful
economic life of the project. The authority may make loans to an
entity other than an institution in accordance with an agreement
between the authority and the entity for the cost of a project if the
project is to be leased to an institution. Section History: Recent Form
85 Acts, ch 210, §7; 97 Acts, ch 181, §3; 2000 Acts, ch 1209, §5