261A.40 - JOINT AND COMBINATION PROJECTS.
261A.40 JOINT AND COMBINATION PROJECTS.
The authority may undertake a project for two or more institutions
jointly or for any combination of institutions, and may combine for
financing purposes, with the consent of all of the institutions which
are involved, the project and some or all future projects of any
institution or institutions, and this division applies to and is for
the benefit of the authority and the joint participants. However,
the money set aside in a fund or funds pledged for any series or
issue of obligations shall be held for the sole benefit of the series
or issue separate and apart from money pledged for another series or
issue of obligations of the authority. To facilitate the combining
of projects, obligations may be issued in series under one or more
resolutions or trust agreements and may be fully open-ended, thus
providing for the unlimited issuance of additional series, or
partially open- ended, limited as to additional series. The
authority may permit an institution to substitute one or more
projects of equal value, as determined by an independent appraiser
satisfactory to the authority, for a project financed under this
division on terms and subject to conditions the authority prescribes.
Section History: Recent Form
85 Acts, ch 210, §10