263A.5 - RESOLUTION ADOPTED -- TERMS AND CONDITIONS OF BONDS OR NOTES.
263A.5 RESOLUTION ADOPTED -- TERMS AND CONDITIONS OF
BONDS OR NOTES.
Upon the determination by the state board of regents to undertake
and carry out any project or to refund outstanding bonds or notes,
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
or notes 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 or notes that may thereafter be issued
payable from the hospital income received by the institution, the
amendment or modification of the resolution authorizing the issuance
of any bonds or notes, the manner, terms, and conditions and the
amount or percentage of assenting bonds or notes 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 or notes 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 or notes and providing for the establishment
and maintenance of adequate rates, fees, and charges for services
rendered by the hospitals, medical clinics, and medical laboratories
of the institution and the application of the proceeds thereof,
together with other hospital income, shall constitute a contract with
the holders of such bonds or notes. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 263A.5]