Text: HF02069 Text: HF02071 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 262A.12, Code 2003, is amended to read
1 2 as follows:
1 3 262A.12 APPLICATION FOR GIFTS, LOANS OR GRANTS.
1 4 1. The state board of regents is authorized to apply for
1 5 and accept federal or nonfederal gifts, loans, or grants of
1 6 funds and to use the same to pay all or any part of the cost
1 7 of carrying out any project at any institution under the terms
1 8 of this chapter or to use the same, together with student fees
1 9 and charges and institutional income, for the payment of debt
1 10 service on bonds issued and to be issued by the board pursuant
1 11 to authority contained in this chapter, in such manner as may
1 12 be provided in the resolution authorizing the issuance of the
1 13 bonds, which grants of funds or other aid shall be considered
1 14 to constitute and may be commingled with student fees and
1 15 charges and institutional income and may, together with such
1 16 student fees and charges and institutional income, be pledged
1 17 by the board in accordance with the provisions of this chapter
1 18 and the bond resolution to the payment of debt service on
1 19 bonds issued by the board under the authority contained in
1 20 this chapter.
1 21 2. Unless the board unanimously favors disapproval of a
1 22 motion to undertake and carry out a project or to approve a
1 23 resolution to issue bonds for a project proposed in accordance
1 24 with section 262A.7, the board shall issue bonds for the
1 25 project, in such a manner as provided in the resolution
1 26 authorizing the issuance of bonds pursuant to section 262A.4,
1 27 if at least sixty-five percent of the estimated cost of
1 28 completing the project is raised from private sources, a
1 29 creditable plan exists for repayment of the bonds, and at
1 30 least ten percent of that funding has been received by the
1 31 treasurer of the institution of higher education under the
1 32 control of the board at which the project is to be undertaken,
1 33 or by a nonprofit foundation authorized to act solely for the
1 34 support of the institution by the board in accordance with
1 35 section 262.9, subsection 8.
2 1 EXPLANATION
2 2 This bill directs the state board of regents to issue
2 3 revenue bonds for a project at one of its universities if the
2 4 university has raised from private sources at least 65 percent
2 5 of the estimated cost of the project, there exists a
2 6 creditable plan for bond repayment, and the institution or its
2 7 nonprofit foundation has 10 percent of that private funding in
2 8 hand, unless the board unanimously favors disapproval of the
2 9 motion to carry out the project or to approve the resolution
2 10 to bond for the project.
2 11 LSB 5392YH 80
2 12 kh/cf/24.2
Text: HF02069 Text: HF02071 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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