262.61 - ACCOUNTS.
262.61 ACCOUNTS.
A certified copy of each resolution providing for the issuance of
bonds or notes under this division shall be filed with the treasurer
of the institution on behalf of which the bonds or notes are issued
and it shall be the duty of said treasurer to keep and maintain
separate accounts for each issue of bonds or notes in accordance with
the covenants and directions set out in the resolution providing for
the issuance thereof. All rates, fees or rentals collected for the
use of and services provided by the residence halls and dormitories,
including dining and other incidental facilities therefor, at each
institution shall be held in trust by the treasurer thereof, separate
and apart from all other funds, to be used solely and only for the
purposes specified in this division and as may be required and
provided for by the proceedings of the board authorizing the issuance
of bonds or notes. It shall be the duty of the treasurer of each
institution to disburse funds from the proper account for the payment
of the principal of and interest on the bonds or notes in accordance
with the directions and covenants of the resolution authorizing the
issuance thereof.
If the amount of bonds or notes issued under this chapter exceeds
the actual costs of the projects for which the bonds or notes were
issued, the amount of the difference shall be used to pay the
principal and interest due on bonds or notes issued under this
chapter. Section History: Early Form
[C66, 71, 73, 75, 77, 79, 81, § 262.61] Section History: Recent Form
87 Acts, ch 233, § 468
Referred to in § 262.34B, 262A.2