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Current as of January 01, 2024 | Updated by FindLaw Staff
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.
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.
Cite this article: FindLaw.com - Iowa Code Title VII. Education and Cultural Affairs [Chs. 256-305B] § 262.49. No obligation against state - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-vii-education-and-cultural-affairs-chs-256-305b/ia-code-sect-262-49/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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