261A.37 - LOANS AUTHORIZED.

        261A.37  LOANS AUTHORIZED.
         The authority may make loans to an institution for the cost of a
      project or in anticipation of the receipt of tuition by the
      institution in accordance with an agreement between the authority and
      the institution, except that a loan for the cost of a project shall
      not exceed the total cost of the project, as determined by the
      institution and approved by the authority and except that loans in
      anticipation of the receipt of tuition shall not exceed the
      anticipated amount of tuition to be received by the institution in
      the one-year period following the date of the loan.  The authority
      may lease projects to institutions under the terms of lease
      agreements determined by the institution and the authority, except
      that the term of the lease shall not exceed the estimated useful
      economic life of the project.  The authority may make loans to an
      entity other than an institution in accordance with an agreement
      between the authority and the entity for the cost of a project if the
      project is to be leased to an institution.  
         Section History: Recent Form
         85 Acts, ch 210, §7; 97 Acts, ch 181, §3; 2000 Acts, ch 1209, §5