Statutes > Iowa Statutes > Title 7 - Education and Cultural Affairs > Subtitle 4 - Regents Institutions > CHAPTER 263A - MEDICAL AND HOSPITAL BUILDINGS AT UNIVERSITY OF IOWA > 263A.8 - NO OBLIGATION OF THE STATE ON BONDS OR NOTES.

263A.8 - NO OBLIGATION OF THE STATE ON BONDS OR NOTES.

        263A.8  NO OBLIGATION OF THE STATE ON BONDS OR
      NOTES.
         Under no circumstances shall any bonds or notes 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,
      or other funds of the state of Iowa appropriated to the institution
      may be pledged for or used to pay such bonds or notes or the interest
      thereon but any such bonds or notes shall be payable solely and only
      as to both principal and interest from the hospital income received
      by the institution as hereinbefore provided, and the sole remedy for
      any breach or default of the terms of any such bonds or notes 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 or notes are issued.
         Section History: Early Form
         [C71, 73, 75, 77, 79, 81, § 263A.8]