Iowa § 279.48 - 279.48 Equipment purchase.
Full text of Iowa Iowa Code § 279.48 — 279.48 Equipment purchase., with citation guidance and answers to common questions.
§ 279.48. 279.48 Equipment purchase.
1. The board of directors of a school corporation may purchase equipment, and may negotiate and enter into a loan agreement and issue a note to pay for the equipment subject to the following terms and procedures: a. The note must mature within five years, or the useful life of the equipment, whichever is less. b. The note may bear interest at a rate to be determined by the board of directors in the manner provided in section 74A.3, subsection 1, paragraph “a”. Chapter 75 is not applicable. c. The board of directors shall provide for the form of the agreement and note. d. Principal and interest on the note must be payable from budgeted receipts in the debt service fund for each year of a period of up to five years. 2. The total of scheduled annual payments of principal or interest due and payable from current budgeted receipts or future budgeted receipts with respect to all loan agreements authorized under this section or section 285.10, subsection 7, paragraph “b”, must not exceed ten percent of the last authorized budget of the school corporation. 94 Acts, ch 1175, §7; 2008 Acts, ch 1032, §198; 2021 Acts, ch 25, §7 Referred to in §273.3, 279.53 Thu Dec 11 19:28:21 2025 Iowa Code 2026, Section 279.48 (23, 0)
Source: official Iowa text · Last verified 2026-08-27
Frequently Asked Questions About Iowa § 279.48
What does Iowa Code § 279.48 cover?
Section 279.48 ("279.48 Equipment purchase.") is part of the Iowa Code, the codified statutory law of Iowa. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Iowa § 279.48?
A common citation format is "Iowa Code § 279.48" (Iowa). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Iowa law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Iowa official source linked on this page or consult a licensed Iowa attorney.
How does Iowa § 279.48 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Iowa can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Iowa.