20-A §11506. Issuance of bonds
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 418: STUDENT LOAN CORPORATIONS
§11506. Issuance of bonds
1. Authority to issue. The Maine Health and Higher Educational Facilities Authority may issue revenue bonds and other obligations and loan the proceeds thereof to one or more student loan corporations for the purposes set forth in this chapter.
[ 1983, c. 422, §21 (NEW) .]
2. Limitations. No bonds or other obligations may be issued unless the authority determines that:
A. The issuance of low-cost loans by the student loan corporation to qualified students will assist the students in attending their institution for higher education and will lower the cost to the students or their parents of financing the students' educations; [1983, c. 422, §21 (NEW).]
B. Adequate provision has been or will be made for the payment of the principal of, or interest on, any obligations issued by the authority to finance these loan programs; [1983, c. 422, §21 (AMD).]
C. Adequate provision has been made for the payment of the reasonable expenses of the authority related to administration of the student loan corporations as are necessitated by their programs; and [1983, c. 422, §21 (NEW).]
D. The proposed procedures for redistribution of the bond proceeds, collection of student payments, interest charges and any other matters concerning the administration of the student loan corporations are in conformance with the law. [1983, c. 422, §21 (NEW).]
[ 1983, c. 422, §21 (AMD) .]
3. Powers of the authority. The authority, to further its student loan corporation programs, may:
A. Determine the nature of student loan corporation programs for which it will issue its bonds; [1983, c. 422, §21 (NEW).]
B. Enter into contracts for any or all student loan corporation program purposes; [1983, c. 422, §21 (NEW).]
C. Enter into contracts for the administration or servicing of student loan corporation issued loans; [1983, c. 422, §21 (NEW).]
D. Designate a particular institution or institutions for higher education or student loan corporation or corporations as its agent for accomplishing its purposes; [1983, c. 422, §21 (NEW).]
E. Make loans with proceeds of the sale of its bonds to any student loan corporation in accordance with an agreement between the authority and the student loan corporation; provided that the proceeds of the loan shall be used by the student loan corporation to purchase, originate or make loans to eligible students or to the parents of those students; [1983, c. 422, §21 (NEW).]
F. Receive and accept, from any public agency or any other source, loans, grants, guarantees or insurance with respect to student loans and the student loan corporation programs; [1983, c. 422, §21 (NEW).]
G. Establish guidelines governing the actions of student loan corporations and institutions for higher education in participating in the authority's student loan corporation program; and [1983, c. 422, §21 (NEW).]
H. Exercise all powers incidental and necessary for the performance of the powers listed in this subsection. [1983, c. 422, §21 (NEW).]
[ 1983, c. 422, §21 (NEW) .]
SECTION HISTORY
1983, c. 422, §21 (NEW).