A parent is more willing to send their child off to college if they know that there is a law by which
the community is bound
. ----> you make some god points here. This reasoning is also why trade relations with some developing nations are so complex. Businesspeople do not want to business with countries where standards and regulations are not enforced.
That is the power of an honor code.
I don't know if it is the code that accomplishes this... or if it is something more that is required. What is it that causes the honor code to be upheld? Whatever it is, it should have a place in your essay.
I think I will enroll at this school! You convinced me that is it a unique place with wise leadership. Like I said, though, I think you should try to figure out what makes the leadership so successful and express that in the essay... not just to improve the essay, but also to improve your own wosdom by learning from the way they establish and maintain such an environment.