260C.60 - ISSUANCE RESOLUTION.

        260C.60  ISSUANCE RESOLUTION.
         Upon the determination by the board to undertake and carry out any
      project or to refund outstanding bonds or notes, the board shall
      adopt a resolution generally describing the contemplated project and
      setting forth the estimated cost, 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 of
      the project.  The resolution shall contain any covenants as may be
      determined by the board as to the issuance of additional bonds or
      notes that may be issued payable from the net rents, profits and
      income of the residence halls or dormitories, 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 the
      amendment or modification, and any 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 division 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.  The
      provisions of this division 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 or
      rentals and the application of the proceeds thereof shall constitute
      a contract with the holders of the bonds or notes.  
         Section History: Recent Form
         90 Acts, ch 1253, §62
         C91, § 280A.60
         91 Acts, ch 267, §247
         C93, § 260C.60