260C.61 - RATES, FEES, AND RENTALS -- PLEDGE.

        260C.61  RATES, FEES, AND RENTALS -- PLEDGE.
         If bonds or notes are issued by a board, the board shall
      establish, impose, and collect rates, fees or rentals for the use of
      and services provided by the residence halls and dormitories,
      including dining and other incidental facilities therefor, at the
      institution on behalf of which the bonds or notes are issued, shall
      adjust the rates, fees, or rentals from time to time, in order to
      always provide net amounts sufficient to pay the principal of and
      interest on the bonds or notes as they become due, and shall maintain
      a reserve.  The board may pledge a sufficient amount of the net
      rents, profits and income derived from the operation of residence
      halls and dormitories, including dining and other facilities, at the
      institution for this purpose.  Rates, fees, or rentals collected at
      one institution shall not be used to discharge bonds or notes issued
      for or on account of another institution.  All bonds or notes issued
      under the terms of this division shall be exempt from taxation by the
      state of Iowa and the interest on the bonds or notes is exempt from
      the state income tax.  
         Section History: Recent Form
         90 Acts, ch 1253, §63
         C91, § 280A.61
         C93, § 260C.61