§ 5260 - State treasurer
§ 5260. State treasurer
To the extent that the state treasurer is the custodian of any moneys payable to an educational institution at any time subsequent to written notice to him or her from the authority that the educational institution is in default on the payment of principal or interest under any financing agreement with the authority, the state treasurer must withhold the payment of that money from that educational institution until the amount of the principal or interest then due and unpaid has been paid to the authority, or until the state treasurer has been advised that arrangements, satisfactory to the authority, have been made for the payment of the principal and interest. (Added 1999, No. 121 (Adj. Sess.), § 1.)