Issuance of revenue bonds to pay for dormitory, athletic stadiumsby seven-director districts--security for bonds.
164.231. For the purpose of providing funds for theacquisition, construction, erection, equipment and furnishing ofdormitory or of school athletic stadiums or structures, and forproviding a site therefor, including offstreet parking space, andmaking from time to time enlargements or extensions thereof, theboard of directors of any seven-director school district may issueand sell revenue bonds in an amount not to exceed the estimatedcost of the dormitory or project, including costs necessarilyincidental thereto. No such bonds shall be issued and soldunless at the time of the issuance thereof the board of theschool district issuing them shall pledge the net income andrevenues of the dormitory or project to the payment of the bonds,both principal and interest, and covenant to fix, maintain andcollect such reasonable rates, rentals and charges for admissionof spectators to witness such games, contests and exhibitions,and returns and charges for concessions and broadcasting as inthe judgment of such board of directors will provide revenuessufficient to pay the reasonable cost of operating andmaintaining such dormitory or project and to provide and maintainan interest and sinking fund in an amount adequate promptly topay the principal of and interest on such bonds. Nothing hereinshall prevent the board from authorizing use of the dormitory orproject and admittance thereto without charge at such time andfor such occasions and to such extent as the board determines.In addition to pledging the net income and revenues as hereinprovided, the board in its discretion may mortgage, by mortgageor deed of trust, the real and personal property comprising thedormitory or project or portions thereof for the payment of thebonds, both principal and interest, and as additional securitytherefor may by the terms of the mortgage or deed of trust grantto the purchaser in case of foreclosure sale thereof the rightand privilege to operate the dormitory or project, subject to thelimitations and conditions set out in the mortgage or deed oftrust. The revenue bonds are payable, both as to principal andinterest, solely and only out of the net income and revenuesarising from the operation of the dormitory or project for whichthey were issued, after providing for the costs of operation andmaintenance as aforesaid, or from other funds made available tothe school district from sources other than from proceeds oftaxation, or from proceeds of foreclosure sale of propertymortgaged or pledged as security therefor.
Issuance of revenue bonds to pay for dormitory, athletic stadiumsby seven-director districts--security for bonds.
164.231. For the purpose of providing funds for theacquisition, construction, erection, equipment and furnishing ofdormitory or of school athletic stadiums or structures, and forproviding a site therefor, including offstreet parking space, andmaking from time to time enlargements or extensions thereof, theboard of directors of any seven-director school district may issueand sell revenue bonds in an amount not to exceed the estimatedcost of the dormitory or project, including costs necessarilyincidental thereto. No such bonds shall be issued and soldunless at the time of the issuance thereof the board of theschool district issuing them shall pledge the net income andrevenues of the dormitory or project to the payment of the bonds,both principal and interest, and covenant to fix, maintain andcollect such reasonable rates, rentals and charges for admissionof spectators to witness such games, contests and exhibitions,and returns and charges for concessions and broadcasting as inthe judgment of such board of directors will provide revenuessufficient to pay the reasonable cost of operating andmaintaining such dormitory or project and to provide and maintainan interest and sinking fund in an amount adequate promptly topay the principal of and interest on such bonds. Nothing hereinshall prevent the board from authorizing use of the dormitory orproject and admittance thereto without charge at such time andfor such occasions and to such extent as the board determines.In addition to pledging the net income and revenues as hereinprovided, the board in its discretion may mortgage, by mortgageor deed of trust, the real and personal property comprising thedormitory or project or portions thereof for the payment of thebonds, both principal and interest, and as additional securitytherefor may by the terms of the mortgage or deed of trust grantto the purchaser in case of foreclosure sale thereof the rightand privilege to operate the dormitory or project, subject to thelimitations and conditions set out in the mortgage or deed oftrust. The revenue bonds are payable, both as to principal andinterest, solely and only out of the net income and revenuesarising from the operation of the dormitory or project for whichthey were issued, after providing for the costs of operation andmaintenance as aforesaid, or from other funds made available tothe school district from sources other than from proceeds oftaxation, or from proceeds of foreclosure sale of propertymortgaged or pledged as security therefor.
Issuance of revenue bonds to pay for dormitory, athletic stadiumsby seven-director districts--security for bonds.
164.231. For the purpose of providing funds for theacquisition, construction, erection, equipment and furnishing ofdormitory or of school athletic stadiums or structures, and forproviding a site therefor, including offstreet parking space, andmaking from time to time enlargements or extensions thereof, theboard of directors of any seven-director school district may issueand sell revenue bonds in an amount not to exceed the estimatedcost of the dormitory or project, including costs necessarilyincidental thereto. No such bonds shall be issued and soldunless at the time of the issuance thereof the board of theschool district issuing them shall pledge the net income andrevenues of the dormitory or project to the payment of the bonds,both principal and interest, and covenant to fix, maintain andcollect such reasonable rates, rentals and charges for admissionof spectators to witness such games, contests and exhibitions,and returns and charges for concessions and broadcasting as inthe judgment of such board of directors will provide revenuessufficient to pay the reasonable cost of operating andmaintaining such dormitory or project and to provide and maintainan interest and sinking fund in an amount adequate promptly topay the principal of and interest on such bonds. Nothing hereinshall prevent the board from authorizing use of the dormitory orproject and admittance thereto without charge at such time andfor such occasions and to such extent as the board determines.In addition to pledging the net income and revenues as hereinprovided, the board in its discretion may mortgage, by mortgageor deed of trust, the real and personal property comprising thedormitory or project or portions thereof for the payment of thebonds, both principal and interest, and as additional securitytherefor may by the terms of the mortgage or deed of trust grantto the purchaser in case of foreclosure sale thereof the rightand privilege to operate the dormitory or project, subject to thelimitations and conditions set out in the mortgage or deed oftrust. The revenue bonds are payable, both as to principal andinterest, solely and only out of the net income and revenuesarising from the operation of the dormitory or project for whichthey were issued, after providing for the costs of operation andmaintenance as aforesaid, or from other funds made available tothe school district from sources other than from proceeds oftaxation, or from proceeds of foreclosure sale of propertymortgaged or pledged as security therefor.
