Rhode Island General Laws 45-38.1-5.2. Acquisition of certain monies, endowments, properties, and guarantees
The corporation 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 loan funding programs, corporation loans, education loans, or for bonds or notes, and to establish guidelines relating to guarantees of or contracts to purchase education loans or bonds by the institutions or by financial institutions or others. A default reserve fund may be established for each series or issue of bonds. In this regard, the corporation is empowered to receive monies, endowments, properties, and guarantees as it deems appropriate and, if necessary, to take title in the name of the corporation or in the name of a participating institution for higher education or a trustee.
History of Section.
P.L. 1982, ch. 301, § 3; P.L. 1991, ch. 292, § 1; P.L. 2000, ch. 184, § 1.
Terms Used In Rhode Island General Laws 45-38.1-5.2
- Bonds: means bonds of the corporation issued under the provisions of this chapter, including refunding bonds, notwithstanding that the bonds may be secured by mortgage or the full faith and credit of the corporation or the full faith and credit of a participating institution for higher education or of a participating municipality or of a participating healthcare provider or any other lawfully pledged security of a participating educational institution or child daycare center or of a participating municipality or of a participating healthcare provider. See Rhode Island General Laws 45-38.1-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Rhode Island health and educational building corporation created and established as a nonbusiness corporation, under and pursuant to chapter 6 of Title 7, as amended, and constituted and established as a public body corporate and agency of the state under § 45-38. See Rhode Island General Laws 45-38.1-3
- Default reserve fund: means a fund established pursuant to a resolution of the corporation for the purpose of securing education loans, corporation loans, or bonds or notes of the corporation. See Rhode Island General Laws 45-38.1-3
- Education loan: means a loan that is made by or on behalf of an educational institution or child daycare center from the proceeds of a corporation loan, to a student or parents of a student or both, to finance the student's attendance at the institution. See Rhode Island General Laws 45-38.1-3
- Trustee: A person or institution holding and administering property in trust.