Chapter 15C

Section 1. It is declared that for the benefit of the people of the commonwealth, the increase of their commerce, welfare and prosperity and the improvement of their health and living conditions, it is essential that this and future generations of youth be given the fullest oppor…

Section 10. (a) The Authority may from time to time issue revenue bonds for any corporate purpose and all such revenue bonds, notes, bond anticipation notes or other obligations of the Authority issued pursuant to this chapter shall be and are hereby declared to be negotiable for…

Section 11. In the discretion of the Authority any revenue bonds or notes issued under the provisions of this chapter may be secured by a trust agreement by and between the Authority and a corporate trustee or trustees, which may be any trust company or bank having the powers of …

Section 12. Revenue bonds or notes issued under the provisions of this chapter shall not be deemed to constitute a debt or liability of the commonwealth or of any political subdivision thereof or a pledge of the faith and credit of the commonwealth or of any such political subdiv…

Section 13. The Authority shall fix, revise, charge and collect fees and is empowered to contract with any person, partnership, association or corporation, or other body, public or private, in respect thereof such that the fees and other amounts payable with respect to any progra…

Section 14. All monies received pursuant to the Authority of this chapter, whether as proceeds from the sale of bonds or notes, in connection with any savings program or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. Any …

Section 14A. Notwithstanding any special or general law to the contrary, the board of trustees of each institution referred to in this section shall have the authority to enter into such contracts, subject to appropriation, as in their respective judgments are desirable in order …

Section 14B. The Authority shall establish, in such form as it deems appropriate, a college opportunity fund, hereinafter referred to as the fund, to which shall be credited all state appropriations and other monies made available to the fund and all income earned on amounts in t…

Section 15. Any holder of revenue bonds, notes, bond anticipation notes, other notes or other obligations of the Authority issued under the provisions of this chapter or any of the coupons appertaining thereto, and the trustee or trustees under any trust agreement, except to the …

Section 16. The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the commonwealth, for the increase of their commerce, welfare and prosperity, and for the improvement of their health and living conditions, and as operation o…

Section 17. (a) The Authority is hereby authorized to provide for the issuance of revenue bonds or notes of the Authority for the purposes of refunding any revenue bonds or notes of the Authority then outstanding, including the payment of any redemption premium thereon and any in…

Section 18. Except as otherwise provided in paragraph (c) of section seventeen, or as provided in any bond resolution applicable to any bonds of the Authority, the Authority may invest any funds in (i) direct general obligations of the United States of America, (ii) obligations t…

Section 19. Bonds issued by the Authority under the provisions of this chapter are hereby made securities in which all public officers and public bodies of the commonwealth and its political subdivisions, all insurance companies, trust companies, savings banks, co-operative banks…

Section 2. This chapter may be referred to and cited as the ''Massachusetts Educational Financing Authority Act''.

Section 20. The Authority shall keep an accurate account of all its activities and of all its receipts and expenditures and shall annually make a report thereof as of the end of its fiscal year to its members, to the governor and to the state auditor, such reports to be in a form…

Section 21. Notwithstanding any other provision of law, any participating institution for higher education shall have the power to borrow money from the Authority, make education loans, enter into tuition agreements, participate in savings programs and take all other actions and …

Section 22. The Authority may take such action as it deems appropriate to enable its employees to come within the provisions and obtain the benefits of the Federal Social Security Act. If the employees of the Authority shall come within the provisions of said social security act,…

Section 22A. The Authority shall be liable on all claims made as a result of the activities, whether ministerial or discretionary, of any member, officer, or employee of the Authority acting as such, except for willful dishonesty or intentional violation of the law, in the same m…

Section 23. The provisions of this chapter shall be deemed to provide a complete, additional and alternative method for the doing of the things authorized thereby and shall be regarded as supplemental and additional to powers granted by other laws; provided the issuance of revenu…

Section 24. This chapter shall be independent of and in addition of the authority of the New England Education Loan Marketing Corporation established by section one hundred and ninety-one of chapter three hundred and fifty-one of the acts of nineteen hundred and eighty-one.

Section 25. The chapter, being necessary for the welfare of the commonwealth and its inhabitants, shall be liberally construed to effect the purposes hereof.

Section 26. The obligations of a borrower under the provisions of this chapter shall not be subject to discharge as a result of bankruptcy proceedings.

Section 27. Upon dissolution, liquidation or other termination of the Authority, all rights and properties of the Authority shall pass to and be vested in the commonwealth, subject to the rights of lienholders and other creditors. In addition, any net earnings of the Authority, b…

Section 28. The provisions of this act are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions.

Section 29. (a) As used in this section the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Achieving a better life experience account'' or ''ABLE account'', a savings and qualified disabilities expense account established and…

Section 3. As used in this chapter, the following words shall, unless the context otherwise requires, have the following meanings:— ''Authority'', the Educational Financing Authority established by section four. ''Authority loans'', loans made by the Authority to other parties fr…

Section 4. (a) There is hereby established a body politic and corporate to be known as the Massachusetts Educational Financing Authority, herein called the Authority. The Authority is constituted a public instrumentality and the exercise by the Authority of the powers granted by …

Section 5. The purpose of the Authority shall be to assist borrowers and institutions for higher education in the financing and refinancing of the costs of education and to provide students and parents with convenient and effective savings programs, and for these purposes the Aut…

Section 5A. The Authority shall, subject to paragraph (f1/2) of section five, establish a college opportunity program, which shall, to the extent feasible, include the following elements:— (a) In cooperation with the state treasurer, the Authority shall make available commonwealt…

Section 5B. For the purposes of implementing and administering savings programs, pursuant to paragraph (f1/2) of section five, the Authority shall have, in addition to all other powers and duties provided by this chapter, the following additional powers and duties: (a) To create …

Section 5C. The authority is hereby authorized to develop and establish a comprehensive state-supported supplemental education loan program. Such program shall consist of medium and long-range fixed rate and variable rate loan programs, programs structured to operate as a line of…

Section 6. All expenses incurred in carrying out the provisions of this chapter shall be payable solely from funds provided under the authority of this chapter and no liability or obligations shall be incurred by the Authority hereunder beyond the extent to which monies shall hav…

Section 7. The Authority is authorized and empowered to establish specific guidelines relating to the deposits of certain monies, endowments, or properties by institutions for higher education which would provide security for education loans funding programs, Authority loans, edu…

Section 8. When the principal of, interest on and premium, if any, due in connection with bonds of the Authority issued to finance the cost of an education loan financing program or programs, including any refunding bonds issued to refund and refinance such bonds, have been fully…

Section 9. The Authority may from time to time issue negotiable notes for any corporate purpose and may from time to time renew any notes by the issuance of new notes, whether the notes to be renewed have or have not matured. The Authority may issue notes partly to renew notes or…