262A.9 - BOND FUND ACCOUNT.

        262A.9  BOND FUND ACCOUNT.
         A certified copy of each resolution providing for the issuance of
      bonds under this chapter shall be filed with the treasurer of the
      institution on behalf of which the bonds are issued and it shall be
      the duty of said treasurer to keep and maintain separate accounts for
      each issue of bonds in accordance with the covenants and directions
      set out in the resolution providing for the issuance thereof.  A
      sufficient portion of the student fees and charges and institutional
      income received by each institution shall be held in trust by the
      treasurer thereof, separate and apart from all other funds, to be
      used solely and only for the purposes specified in this chapter and
      as may be required and provided for by the proceedings of the board
      authorizing the issuance of bonds.  It shall be the duty of the
      treasurer of each institution to disburse funds from the proper
      account for the payment of the principal of and interest on the bonds
      in accordance with the directions and covenants of the resolution
      authorizing the issuance thereof.
         If the amount of bonds issued under this chapter exceeds the
      actual costs of the projects for which bonds were issued, the amount
      of the difference shall be used to pay the principal and interest due
      on bonds issued under this chapter.  
         Section History: Early Form
         [C71, 73, 75, 77, 79, 81, § 262A.9] 
         Section History: Recent Form
         87 Acts, ch 233, §469