262.59 - REFUNDING.
262.59 REFUNDING.
Upon the determination by the state board of regents to undertake
and carry out any project or to refund outstanding bonds or notes,
said board shall adopt a resolution describing generally the
contemplated project and setting forth the estimated cost thereof, or
describing the obligations to be refunded, fixing the amount of bonds
or notes to be issued, the maturity or maturities, the interest rate
or rates and all details in respect thereof. Such resolution shall
contain such covenants as may be determined by the board as to the
issuance of additional bonds or notes that may thereafter be issued
payable from the net rents, profits and income of the residence halls
or dormitories, the amendment or modification of the resolution
authorizing the issuance of any bonds or notes, the manner, terms and
conditions and the amount or percentage of assenting bonds or notes
necessary to effectuate such amendment or modification, and such
other covenants as may be deemed necessary or desirable. In the
discretion of the board any bonds or notes issued under the terms of
this division may be secured by a trust indenture by and between the
board and a corporate trustee, which may be any trust company or bank
having the powers of a trust company within or without the boundaries
of the state of Iowa, but no such trust indenture shall convey or
mortgage the buildings or facilities or any part thereof. The
provisions of this division and of any resolution or other
proceedings authorizing the issuance of bonds or notes and providing
for the establishment and maintenance of adequate rates, fees or
rentals and the application of the proceeds thereof shall constitute
a contract with the holders of such bonds or notes. Section History: Early Form
[C66, 71, 73, 75, 77, 79, 81, § 262.59]
Referred to in § 262.34B, 262A.2