Iowa Constitution
Article VII - STATE DEBTS.
§ 3 Losses to school funds.
All losses to the
permanent, school, or university fund of this state, which shall have
been occasioned by the defalcation, mismanagement or fraud of the agents
or officers controlling and managing the same, shall be audited by the
proper authorities of the state. The amount so audited shall be a
permanent funded debt against the state, in favor of the respective
fund, sustaining the loss, upon which not less than six per cent. annual
interest shall be paid. The amount of liability so created shall not be
counted as a part of the indebtedness authorized by the second section
of this article.
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