262A.7 - RESOLUTION OF BOARD AND COVENANTS UNDERTAKEN.
262A.7 RESOLUTION OF BOARD AND COVENANTS
UNDERTAKEN.
Upon the determination by the state board of regents to undertake
and carry out any project or to refund outstanding bonds, 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 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 that may thereafter be issued payable from the
student fees and charges and institutional income received by the
particular institution, the amendment or modification of the
resolution authorizing the issuance of any bonds, the manner, terms,
and conditions and the amount or percentage of assenting bonds
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 issued under the terms of this
chapter 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 and facilities or any part thereof. The
provisions of this chapter and of any resolution or other proceedings
authorizing the issuance of bonds and providing for the establishment
and maintenance of adequate student fees and charges and the
application of the proceeds thereof, together with institutional
income, shall constitute a contract with the holders of such bonds.
Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 262A.7]