Alabama Code 16-65A-4. Distressed Institutions of Higher Education Loan Program Fund
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Terms Used In Alabama Code 16-65A-4
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
The “Distressed Institutions of Higher Education Loan Program Fund” is created in the State Treasury to receive appropriations from the Legislature for the funding of loans and to be administered by the State Treasurer, as provide by this section. Proceeds from loan repayments shall be deposited into this fund and may be used in the same manner as any other funds provided for this program. Any monies remaining in the fund at the end of a fiscal year shall not revert but shall remain in the fund and are reappropriated for the purposes authorized by this section. The expenses of making and administering loans, including legal, consultant, and administrative expenses, shall be payable from the fund.