262A.10 - BONDS NOT STATE OBLIGATION.
262A.10 BONDS NOT STATE OBLIGATION.
Under no circumstances shall any bonds issued under the terms of
this chapter be or become or be construed to constitute a debt of or
a charge against the state of Iowa within the purview of any
constitutional or statutory limitation or provision. No taxes,
appropriations, or other funds of the state of Iowa may be pledged
for or used to pay such bonds or the interest thereon but any such
bonds shall be payable solely and only as to both principal and
interest from the student fees and charges and institutional income
received by the institutions of higher learning under the control of
the state board of regents as provided in this chapter, and the sole
remedy for any breach or default of the terms of any such bonds or
proceedings for their issuance shall be a proceeding either in law or
in equity by suit, action, or mandamus to enforce and compel
performance of the duties required by this chapter and the terms of
the resolution under which such bonds are issued. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 262A.10]