262.10 - PURCHASES -- PROHIBITIONS.

        262.10  PURCHASES -- PROHIBITIONS.
         No sale or purchase of real estate shall be made save upon the
      order of the board, made at a regular meeting, or one called for that
      purpose, and then in such manner and under such terms as the board
      may prescribe.  No member of the board or any of its committees,
      offices or agencies, nor any officer of any institution, shall be
      directly or indirectly interested in such purchase or sale.
         Purchases of real estate may be made on written contracts
      providing for payment over a period of years but the obligations
      thereon shall not constitute a debt or charge against the state of
      Iowa nor against the funds of the board or the funds of the
      institution for which said purchases are made.  Purchase payments may
      be made from appropriated capital funds or from other funds lawfully
      available for that purpose and allocated therefor by the board, or
      from any combination of the foregoing, but not from appropriated
      operating funds.  All state appropriated capital funds used for any
      one purchase contract shall be taken entirely from a single capital
      appropriation and shall be set aside for that purpose.  In event of
      default, the only remedy of the seller shall be against the property
      itself and the rents and profits thereof, and in no event shall any
      deficiency judgment be entered or enforced against the state of Iowa,
      the board, or the institution for which the purchase was made.
      Provided, however, that no part of the tuition fees shall be used in
      the purchase of such real estate.  
         Section History: Early Form
         [C24, 27, 31, 35, 39, § 3922; C46, 50, 54, 58, 62, 66, 71, 73,
      75, 77, 79, 81, § 262.10] 
         Section History: Recent Form
         2005 Acts, ch 179, §151