261A.11 - CONVEYANCE OF LOAN FUNDING DEPOSIT AFTER PAYMENT OF PRINCIPAL AND INTEREST.
261A.11 CONVEYANCE OF LOAN FUNDING DEPOSIT AFTER
PAYMENT OF PRINCIPAL AND INTEREST.
When the principal of and interest on obligations of the authority
issued to finance the cost of an education loan financing program or
programs, including any refunding obligations issued to refund and
refinance the obligations, have been fully paid and retired or when
adequate provision has been made to fully pay and retire the
obligations of the authority, and all other conditions of the bond
resolution have been satisfied and the lien created by the bond
resolution has been released in accordance with its provisions, the
authority shall promptly perform functions and execute deeds and
conveyances necessary and required to convey remaining moneys,
properties, and other assets comprising loan funding deposits to the
institutions which furnished the loan funding deposits in proportion
to the amounts furnished by the respective institutions. Section History: Early Form
[82 Acts, ch 1031, § 11]
Referred to in § 261A.24