262.60 - RATES, FEES AND RENTALS -- PLEDGE.
262.60 RATES, FEES AND RENTALS -- PLEDGE.
Whenever bonds or notes are issued by the state board of regents,
it shall be the duty of said board to establish, impose and collect
rates, fees or rentals for the use of and services provided by the
residence halls and dormitories, including dining and other
incidental facilities therefor, at the institution on behalf of which
such bonds or notes are issued, and to adjust such rates, fees or
rentals from time to time, in order to always provide net amounts
sufficient to pay the principal of and interest on such bonds or
notes as the same become due and to maintain a reserve therefor, and
said board is authorized to pledge a sufficient amount of the net
rents, profits and income derived from the operation of residence
halls and dormitories, including dining and other facilities
therefor, at such institution for this purpose. Rates, fees or
rentals collected at one institution shall not be used to discharge
bonds or notes issued for or on account of another institution. All
bonds or notes issued under the terms of this division shall be
exempt from taxation by the state of Iowa and the interest thereon
shall be exempt from the state income tax. Section History: Early Form
[C66, 71, 73, 75, 77, 79, 81, § 262.60]
Referred to in § 262.34B, 262A.2