§18-27-6 Acquisition of certain moneys, endowments and properties and guarantees thereto.
§18-27-6. Acquisition of certain moneys, endowments and properties and guarantees thereto.
The board may establish specific guidelines relating to the deposits of certain moneys, guarantees, endowments or properties by institutions of higher education which would provide prudent security for education loans funding programs, authority loans, education loans or for bonds and establish guidelines relating to guarantees of or contracts to purchase education loans or bonds by such institutions or by financial institutions or others. A default reserve fund may be established for each series or issue of bonds. In this regard, the board may receive such moneys, endowments, properties and guarantees as it considers appropriate and, if necessary, to take title in the name of the board or in the name of a participating institution of higher education or a trustee. A guarantee for one hundred percent of principal and interest by the higher education assistance foundation or by a letter of credit from a financial institution chartered in West Virginia or a nationally chartered financial institution with stockholders reserve of at least twenty-five million dollars may constitute an alternate security option.