Iowa Code 261A.49 – Bondholders — pledge — agreement of the state
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Terms Used In Iowa Code 261A.49
- Authority: means the Iowa higher education loan authority created by this chapter, and "members of the authority" means those persons appointed to the authority pursuant to section 261A. See Iowa Code 261A.4
- Obligations: means bonds, notes, or other evidences of indebtedness of the authority, including interest coupons pertaining thereto, issued under this chapter, including refunding bonds. See Iowa Code 261A.4
- 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
The state pledges to and agrees with the holders of any obligations issued under this subchapter, and with those parties who enter into contracts with the authority pursuant to this subchapter, that the state will not limit or alter the rights vested in the authority until the obligations, together with the interest on the obligations, are fully met and discharged and the contracts are fully performed on the part of the authority, except that this section does not preclude the limitation or alteration if and when adequate provision is made by law for the protection of the rights of the holders of the obligations of the authority or those entering into contracts with the authority.