Iowa Code 262.49 – No obligation against state
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An obligation created under this subchapter shall never be nor become a charge against the state of Iowa but all such obligations, including principal and interest, shall be payable solely from any of the following:
1. The net rents, profits, and income arising from the property so pledged or mortgaged.
Terms Used In Iowa Code 262.49
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means a tangible object, animate or inanimate, under a museum's care which has intrinsic historic, artistic, scientific, or cultural value. See Iowa Code 305B.2
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. The net rents, profits, and income which has not been pledged for other purposes arising from any similar building, facility, area, or improvement under the control and management of said board.
3. The fees or charges established by said board for students attending the institution for the use or availability of the building, structure, area, facility, or improvement for which the obligation was incurred.
4. The income derived from gifts and bequests made to the institutions under the control of said board for such purposes.