173.405. Principal and interest, how secured--resolution or trust agreement, content--default, remedies.
Principal and interest, how secured--resolution or trustagreement, content--default, remedies.
173.405. The principal of and interest on any bonds issuedby the authority shall be secured by a pledge of the revenuesderived from or by reason of the ownership of student loan notesand investment income or such other funds as may be designated ina bond resolution authorized by the authority. The bondresolution under which the bonds are authorized to be issued maycontain any agreements and provisions respecting the purchase andsale of student loan notes or financing of student loans, orboth, the creation and maintenance of special funds from suchrevenues or receipts, and the rights and remedies available inthe event of default, including the designation of a trustee, allas the authority shall deem advisable and not in conflict withthe provisions hereof. The principal of and interest on anyother form of indebtedness issued by the authority shall besecured in such manner as may be set forth in the bond resolutionauthorizing such indebtedness and such bond resolutions maycontain such other agreements and provisions as the authority maydetermine. Each pledge, agreement, and indenture made for thebenefit or security of any of the bonds or other forms ofindebtedness of the authority shall continue effective until theprincipal of and interest thereon for the benefit of which thesame were made shall have been fully paid or provisions for suchpayment duly made. In the event of a default in the payment orin any agreement of the authority made as a part of the bondresolution under which the bonds or other forms of indebtednesswere issued or secured, the payment or agreement may be enforcedby suit, mandamus, the appointment of a receiver in equity, orany one or more of these remedies.
(L. 1981 H.B. 326, A.L. 1994 S.B. 583)