262.49 - NO OBLIGATION AGAINST STATE.
262.49 NO OBLIGATION AGAINST STATE.
No obligation created hereunder shall ever be or become a charge
against the state of Iowa but all such obligations, including
principal and interest, shall be payable solely:
1. From the net rents, profits and income arising from the
property so pledged or mortgaged,
2. From the net rents, profits, and income which has not been
pledged for other purposes arising from any similar building,
facility, area or improvement under the control and management of
said board,
3. From the fees or charges established by said board for
students attending the institution for the use or availability of the
building, structure, area, facility or improvement for which the
obligation was incurred, or
4. From the income derived from gifts and bequests made to the
institutions under the control of said board for such purposes. Section History: Early Form
[C62, 66, 71, 73, 75, 77, 79, 81, § 262.49]
Referred to in § 262.34B, 262.50, 262A.2, 265.3