7C.13 - QUALIFIED STUDENT LOAN BOND ISSUER -- OPEN RECORDS AND MEETINGS -- OVERSIGHT.
7C.13 QUALIFIED STUDENT LOAN BOND ISSUER -- OPEN
RECORDS AND MEETINGS -- OVERSIGHT.
1. Condition of allocation. As a condition of receiving the
allocation of the state ceiling as provided in section 7C.4A,
subsection 3, the qualified student loan bond issuer shall comply
with the provisions of this section.
2. Annual report and audit. The qualified student loan bond
issuer shall submit an annual report to the governor, general
assembly, and the auditor of state by January 15 setting forth its
operations and activities conducted and newly implemented in the
previous fiscal year related to use of the allocation of the state
ceiling in accordance with this chapter and the outlook for the
future. The report shall describe how the operations and activities
serve students and parents. The annual audit of the qualified
student loan bond issuer shall be filed with the office of auditor of
state.
3. Open meetings for consideration of tax-exempt issuance.
The deliberations or meetings of the board of directors of the
qualified student loan bond issuer that relate to the issuance of
bonds in accordance with this chapter shall be conducted in
accordance with chapter 21.
4. Public hearing prior to issuance of tax-exempt bonds.
Prior to the issuance of tax-exempt bonds in accordance with this
chapter, the board of directors of the qualified student loan bond
issuer shall hold a public meeting after reasonable notice. The
board shall give notice of the time, date, and place of the meeting,
and its tentative agenda, in a manner reasonably calculated to
apprise the public of that information and provide interested parties
with an opportunity to submit or present data, views, or arguments
related to the issuance of the bonds.
5. Open records for consideration of tax-exempt bonds. All
of the following shall be subject to chapter 22:
a. Minutes of the meetings conducted in accordance with
subsection 3.
b. The data and written views or arguments submitted in
accordance with subsection 4.
c. Letters seeking approval from the governor for issuance of
tax-exempt bonds in accordance with this chapter.
d. The published official statement of each tax-exempt bond
issue authorized in accordance with this chapter.
6. State superintendent of banking -- review.
a. The state superintendent of banking shall not serve on the
board of directors of the qualified student loan bond issuer.
b. The superintendent of banking shall annually review the
qualified student loan bond issuer's total assets, loan volume, and
reserves. Additionally, the superintendent shall review the
qualified student loan bond issuer's procedures to inform students,
prior to the submission of an application to the qualified student
loan bond issuer for a loan made by the qualified student loan bond
issuer, about the advantages of loans available under Tit. IV of the
federal Higher Education Act of 1965, as amended, for which the
students may be eligible. The review shall verify that the qualified
student loan bond issuer issued bonds in accordance with this chapter
in conformance to the letter requesting approval of the governor as
set forth in subsection 5. The superintendent shall submit the
review to the general assembly by January 15.
7. No state obligation for bonds. The obligations of the
qualified student loan bond issuer are not the obligations of the
state or any political subdivision of the state within the meaning of
any constitutional or statutory debt limitations, but are obligations
of the qualified student loan bond issuer payable solely and only
from the qualified student loan bond issuer's funds. The qualified
student loan bond issuer shall not and cannot pledge the credit or
taxing power of this state or any political subdivision of this state
or make its debts payable out of any moneys except those of the
qualified student loan bond issuer. Section History: Recent Form
2008 Acts, ch 1132, §2; 2009 Acts, ch 41, §3