263A.3 - BONDS OR NOTES ISSUED.
263A.3 BONDS OR NOTES ISSUED.
1. The board is authorized to borrow money and to issue and sell
negotiable bonds or notes to pay all or any part of the cost of
carrying out any project at the institution and to refund and
refinance bonds or notes issued for any project or for refunding
purposes at the same rate or at a lower rate. The bonds or notes
issued under this chapter may be sold at public sale as provided in
chapter 75, but if the board finds it advisable and in the public
interest to do so, such bonds or notes may be sold by the board at
private sale without published notice of any kind and without regard
to the requirements of chapter 75. Bonds or notes issued to refund
other bonds or notes issued under the provisions of this chapter may
either be sold in the manner specified in this chapter and the
proceeds thereof applied to the payment of the obligations being
refunded, or the refunding bonds or notes may be exchanged for and in
payment and discharge of the obligations being refunded. The
refunding bonds or notes may be sold or exchanged in installments at
different times or an entire issue or series may be sold or exchanged
at one time. Any issue or series of refunding bonds or notes may be
exchanged in part or sold in parts in installments at different times
or at one time. The refunding bonds or notes may be sold or
exchanged at any time on, before, or after the maturity of any of the
outstanding notes, bonds, or other obligations to be refinanced
thereby and may be issued for the purpose of refunding a like or
greater principal amount of bonds or notes, except that the principal
amount of the refunding bonds or notes may exceed the principal
amount of the bonds or notes to be refunded to the extent necessary
to pay any premium due on the call of the bonds or notes to be
refunded or to fund interest in arrears or about to become due.
2. All bonds or notes issued under the provisions of this chapter
shall be payable solely and only from and shall be secured by an
irrevocable pledge of a sufficient portion of the hospital income of
the institution. All bonds or notes issued under the provisions of
this chapter shall have all the qualities of negotiable instruments
under the laws of this state. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 263A.3] Section History: Recent Form
2009 Acts, ch 173, §17, 36