Title 59, Education

Notwithstanding any of the foregoing provisions of this chapter or any recitals in any bonds issued under the provisions of this chapter, all revenue bonds and interest coupons appertaining thereto shall be and are hereby made negotiable instruments under the laws of this State.

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 State and its political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executor…

Notwithstanding any other provision to the contrary herein, the Authority is hereby authorized to pledge as security for any bonds issued hereunder any contract between the Authority and the United States of America under which the United States agrees to make funds available to …

Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt, liability or obligation of the State or of any political subdivision, but shall be payable solely from the revenues and other funds provided therefor. Each bond issued under this chapter s…

The principal of and interest on bonds issued pursuant to this chapter shall have the tax exempt status prescribed by Section 12-1-60.

The Authority shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the Governor and the General Assembly. Each such report shall set forth a complete operating and financial statement covering the operation o…

The following words and terms shall, unless the context otherwise requires, have the following meanings: (1) "Authority" means the State Fiscal Accountability Authority, acting as the State Education Assistance Authority. (2) "Eligible institution" shall mean (a) any institution …

The basic function of the Authority is to assist students attending eligible institutions through the exercise of the powers herein granted to it.

There is hereby created a body politic and corporate to be known as the State Education Assistance Authority (authority). The authority is hereby declared to be a public instrumentality of the State and the exercise by the authority of any power conferred herein shall be deemed a…

The Authority shall be empowered as follows: (a) To make student loans under such terms and conditions as the Authority shall from time to time prescribe; (b) To insure student loans under such terms and conditions as the Authority shall from time to time prescribe; (c) To guaran…

There shall be established and maintained by the authority a fund which shall be designated the "State Education Assistance Authority Loan Fund". There shall be deposited to the credit of the loan fund the proceeds, exclusive of accrued interest, derived from the sale of the reve…

Prior to the issuance of any revenue bonds a sinking fund shall be established, the custodian of which shall be the State Treasurer. There shall be deposited in the sinking fund the revenues from all of the sources pledged for the payment of the revenue bonds including all moneys…

The General Assembly authorizes the authority to provide for the issuance, at one time or from time to time, of revenue bonds of the authority for any of its authorized purposes, including the use of a portion of the proceeds of any issue of bonds for the establishment of a reser…

The resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper, including covenants setting forth the duties of the authority in relation to the purchase o…