72-7407. Higher education loan program for students and parents of students; administration by nonprofit corporation; revenue bonds and interest exempt from taxation.
72-7407
72-7407. Higher education loan program for students and parents of students;administration by nonprofit corporation; revenue bonds and interest exemptfrom taxation.(a) All revenue bonds, and all interest paid to holders thereof, issuedby a qualified nonprofit corporation for the purpose of providing a highereducation loan program in Kansas shall be exempt from taxation of everykind by the state of Kansas and by any taxing subdivision thereof.
(b) As used in this act:
(1) "Higher education loan program" means a program which is providedfor the purpose of making loans available to students and to parents ofstudents and which is operated under applicable federal loan programs establishedpursuant to the provisions of the Higher Education Act of 1965, as amended; and
(2) "qualified nonprofit corporation" means a nonprofit corporation organizedunder the laws of the state of Kansas which is approved as the single nonprofitcorporation providing a statewide higher education loanprogram and which is authorized to issue obligations which are exempt fromfederal income taxation.
History: L. 1977, ch. 322, § 1; L. 1982, ch. 300, § 1; April 8.