20-A §11508. Bonds of the authority
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 418: STUDENT LOAN CORPORATIONS
§11508. Bonds of the authority
1. Authorization; bond anticipation notes. The authority may, from time to time, issue its negotiable bonds for the purposes specified in this chapter. In anticipation of the sale of these bonds, the authority may issue negotiable bond anticipation notes and may renew the notes from time to time. The notes shall be paid from revenues derived from loans to student loan corporations, or from the proceeds of sale of the bonds of the authority in anticipation of which they were issued. The notes shall be issued in the same manner as the bonds. The notes and the resolution or resolutions authorizing the notes may contain any provisions, conditions or limitations which a bond resolution of the authority may contain.
[ 1983, c. 422, §21 (NEW) .]
2. Bonds not a debt or liability of the State. Revenue bonds issued under this chapter do not constitute a debt or liability of the State, of any municipality or political subdivision of the State or a pledge of the faith and credit of the State or of any municipality or political subdivision.
[ 1983, c. 422, §21 (NEW) .]
3. Payments. These revenue bonds are payable solely from the revenues or other funds derived from student loan corporation issued loans, either directly or indirectly provided by this chapter for their payments. All these revenue bonds shall contain on the face of the bond a statement to the effect that neither the State nor the authority is obligated to pay the bond or the interest on the bond, except from revenues or other funds derived from student loan corporation issued loans, either directly or indirectly provided by this chapter, and that neither the faith and credit nor the taxing power of the State or of any municipality or political subdivision of the State is pledged to the payment of the principal of or the interest on the bonds. The issuance of revenue bonds under this chapter shall not directly or indirectly or contingently obligate the State or any municipality or political subdivision of the State to levy or to pledge any form of taxation whatever for the bonds or to make any appropriation for their payment.
[ 1983, c. 422, §21 (NEW) .]
4. Provisions of bonds. The bonds may be issued as serial bonds or as term bonds, or the authority, in its discretion, may issue bonds of both types. The bonds shall be authorized by resolution of the members of the authority and shall bear the date or dates, mature at the time or times, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in lawful money of the United States at the place or places and be subject to the terms of redemption as the resolution or resolutions may provide. The bonds or notes may be sold at public or private sale for the price or prices as the authority determines. The power to fix the date of sale of bonds and to take all other necessary action to sell and deliver bonds may be delegated to the executive director of the authority by resolution of the authority. Pending preparation of the definitive bonds, the authority may issue interim receipts or certificates which shall be exchanged for those definitive bonds.
[ 1983, c. 422, §21 (NEW) .]
5. Resolutions. Any resolution or resolutions authorizing any bonds or any issue of bonds may contain provisions which shall be a part of the contract with the holders of the bonds to be authorized as to:
A. Pledging the revenues to be derived from the student loan corporation or any revenue-producing contract or contracts made by the authority with the student loan corporations to secure the payment of the bonds or of any particular issue of bonds, subject to such agreements with bondholders as may then exist; [1983, c. 422, §21 (NEW).]
B. The fees and other charges to be charged, the amounts to be raised in each year and the use and disposition of the revenues; [1983, c. 422, §21 (NEW).]
C. The setting aside of reserves or sinking funds and the regulation and disposition thereof; [1983, c. 422, §21 (NEW).]
D. Limitations on the purpose to which the proceeds of sale of any issue of bonds then or thereafter to be issued may be applied and pledging these proceeds to secure the payment of the bonds or any issue of the bonds; [1983, c. 422, §21 (NEW).]
E. The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner in which this consent may be given; [1983, c. 422, §21 (NEW).]
F. Defining the acts or omissions to act which shall constitute a default in the duties of the authority to holders of its obligations and providing the rights and remedies of these holders in the event of a default; and [1983, c. 422, §21 (NEW).]
G. Such other additional covenants, agreements and provisions as are judged advisable or necessary by the authority for the security of the holders of these bonds. [1983, c. 422, §21 (NEW).]
[ 1983, c. 422, §21 (NEW) .]
6. No personal liability. Neither the members of the authority nor any person executing the bonds or notes shall be liable personally on the bonds or notes to be subject to any personal liability or accountability by reason of the issuance thereof.
[ 1983, c. 422, §21 (NEW) .]
SECTION HISTORY
1983, c. 422, §21 (NEW).