37-143-19 - Establishment of a consolidated revolving loan fund for operation of loan or scholarship programs.
§ 37-143-19. Establishment of a consolidated revolving loan fund for operation of loan or scholarship programs.
The Board of Trustees of State Institutions of Higher Learning is authorized to establish a consolidated revolving loan fund for the purpose of providing monies for the operation of all loan or scholarship programs authorized to the Board of Trustees of State Institutions of Higher Learning by this chapter, and to the Postsecondary Education Financial Assistance Board by the provisions of Chapter 106 of Title 37, Mississippi Code of 1972, and for the purpose of providing monies for the operation of such other loan programs as may be deemed appropriate and authorized by the Board of Trustees of State Institutions of Higher Learning from time to time for the furtherance of education of eligible applicants. The board shall be charged with the duty of directing the dispensing of such funds in a manner so as to best effectuate the purpose of this chapter. Any monies collected in the form of repayment of loans, both principal and interest, shall be deposited in this fund. The board of trustees is authorized to maintain such revolving fund in an official state depository and, in accordance with Section 27-105-21, Mississippi Code of 1972, shall invest such funds, less the amount required for current operation, at interest as required by said section. All interest earned on such investments shall likewise be deposited in said fund. From such revolving fund, the board of trustees shall provide the Postsecondary Education Financial Assistance Board such sums as shall be required to fulfill its role as lender of last resort to the Guarantee Student Loan program. The assets of the Postsecondary Education Financial Assistance Board, including cash and loans on hand, shall not exceed Five Hundred Thousand Dollars ($500,000.00), and repayments of principal and interest and all other revenue of such board shall be deposited in the fund created hereby.
From and after the effective date of this chapter [Laws, 1991, ch. 547, eff July 1, 1991], the sums maintained in the respective revolving funds being repealed by Chapter 547, Laws, 1991, [See Editor's Note, below], or other revolving funds being maintained by the board of trustees shall become and constitute the monies of the consolidated revolving fund created by this section, wherever such funds may be physically located. The board of trustees is hereby authorized to transfer said funds to an official state depository, as aforesaid.
Sources: Laws, 1991, ch. 547, § 10, eff from and after July 1, 1991.