The fountain is also a sign of affluence, of course, because it demonstrates with significant bulk that the university values art/luxury and has the money and space to show off said art. All said and done, the fountain is definitely a visible sign denoting something about ISU; it's a site of institutionalization.
Two days later, I showed up for class and saw that the fountain looked like this.

Someone had poured soap into it, thus turning a site of institutional power into a site of rebellion. I thought that was a pretty powerful testament to visible rhetoric--plus I think it's darn funny.
(The maintenance workers also laughed about it. Their general response was, "Oh, the fountain needed cleaning anyway." They had it cleaned up in short order, although I think they left it for people to see for as long as they could. My point is, no harm no foul.)