Rhode Island General Laws 45-38.1-5.3. Conveyance of loan funding deposit after payment of bonds
When the principal of, interest on, and premium, if any, due in connection with bonds or notes of the corporation issued to finance the cost of an education loan financing program or programs, including any refunding bonds or notes issued to refund and refinance those bonds or notes have been fully paid and retired, or when adequate provision has been made to fully pay and retire the bonds or notes, and all other conditions of the bond or note resolution authorizing the bonds or notes, have been satisfied and the security interest or lien created by the bond or note resolution has been released in accordance with the provisions of the resolution, the corporation shall promptly do those things and execute deeds and conveyances that are necessary and required to convey any remaining monies, properties, and other assets, comprising loan funding deposits, to the participating institutions for higher education which furnished the monies, properties, and other assets in proportion to the amounts furnished by the respective participating institutions for higher education.
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 45-38.1-5.3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Note: means a written promise to pay, including, but not limited to, capital notes and revenue anticipation notes. See Rhode Island General Laws 45-38.1-3