261A.46 Obligations not liability of state or political subdivision.
Obligations issued pursuant to this subchapter are not debts of the state or of any political subdivision of the state or a pledge of the faith and credit of the state or of any political subdivision, but the obligations are limited obligations of the authority payable solely from the funds or securities, pledged for their payment as authorized in this subchapter, unless the obligations are refunded by refunding obligations issued under this subchapter, which refunding obligations shall be payable solely from funds or securities pledged for their payment as authorized in this subchapter. All revenue obligations shall contain on their face a statement to the effect that the obligations, as to both principal and interest, are not obligations of the state, or of any political subdivision of the state, but are limited obligations of the authority payable solely from revenue or securities pledged for their payment. Expenses incurred in carrying out this subchapter are payable solely from funds provided under this subchapter, and this subchapter does not authorize the authority to incur indebtedness or liability on behalf of or payable by the state or any political subdivision of the state.
85 Acts, ch 210, §16; 2017 Acts, ch 54, §76
Structure Iowa Code
Title VII - EDUCATION AND CULTURAL AFFAIRS
Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS)
Section 261A.1 - Short title and citation.
Section 261A.2 - Declaration of purpose.
Section 261A.3 - Legislative findings.
Section 261A.5 - Creation as public instrumentality.
Section 261A.6 - Membership of authority.
Section 261A.7 - Duties of authority.
Section 261A.8 - Powers of authority.
Section 261A.9 - Expenses of authority — limitation of liability.
Section 261A.10 - Acquisition of moneys, endowments, properties, and guarantees.
Section 261A.11 - Conveyance of loan funding deposit after payment of principal and interest.
Section 261A.12 - Obligations.
Section 261A.13 - Trust agreement to secure obligations.
Section 261A.14 - Payment of obligations — nonliability of state.
Section 261A.15 - Pledge of revenues.
Section 261A.16 - Funds for sales of obligations as trust funds — application of funds.
Section 261A.17 - Rights of holders of obligations.
Section 261A.18 - Refunding bonds — purpose — proceeds — investment of proceeds.
Section 261A.19 - Investment of funds of authority.
Section 261A.20 - Obligations as legal investments.
Section 261A.21 - Annual report.
Section 261A.22 - Waiver of competitive bidding.
Section 261A.23 - Institution power — interest rates.
Section 261A.24 - Chapter as alternative method — powers not subject to supervision or regulation.
Section 261A.26 - Liberal construction of chapter.
Section 261A.27 - Exercise of powers as essential public function — exemption from taxation.
Section 261A.32 - Legislative findings.
Section 261A.33 - Purpose of subchapter.
Section 261A.34 - Definitions.
Section 261A.35 - General power of authority.
Section 261A.36 - Issuance of obligations.
Section 261A.37 - Loans authorized.
Section 261A.38 - Issuance of obligations — conditions.
Section 261A.39 - General powers — apportionment of costs.
Section 261A.40 - Joint and combination projects.
Section 261A.42 - Obligations.
Section 261A.43 - Resolution provisions.
Section 261A.44 - Obligations secured by trust agreement.
Section 261A.45 - Obligations issued to acquire federally guaranteed securities.
Section 261A.46 - Obligations not liability of state or political subdivision.
Section 261A.47 - Money received by authority.
Section 261A.48 - Powers of holders and trustees.
Section 261A.49 - Bondholders — pledge — agreement of the state.