262A.9 - BOND FUND ACCOUNT.
262A.9 BOND FUND ACCOUNT.
A certified copy of each resolution providing for the issuance of
bonds under this chapter shall be filed with the treasurer of the
institution on behalf of which the bonds are issued and it shall be
the duty of said treasurer to keep and maintain separate accounts for
each issue of bonds in accordance with the covenants and directions
set out in the resolution providing for the issuance thereof. A
sufficient portion of the student fees and charges and institutional
income received by 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 chapter and
as may be required and provided for by the proceedings of the board
authorizing the issuance of bonds. 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
in accordance with the directions and covenants of the resolution
authorizing the issuance thereof.
If the amount of bonds issued under this chapter exceeds the
actual costs of the projects for which bonds were issued, the amount
of the difference shall be used to pay the principal and interest due
on bonds issued under this chapter. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 262A.9] Section History: Recent Form
87 Acts, ch 233, §469