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Chapter-260c >
260c-60
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
