18C-2-1 Purpose of provisions of article relating to guaranteed student loan program; loan program to be administered by senior administrator of governing boards
18C-2-2 “Act,” “undertaking” and “obligations” defined
18C-2-3 Authority to buy and sell certain student obligations; undertakings not to constitute state debt; undertakings limited to available funds
18C-2-4 Powers and duties of senior administrator regarding loan program
18C-2-5 Title to property
18C-2-6 Acquisition of contingent interests in obligations from lending institutions; collection of delinquent obligations
18C-2-7 Terms of acquisitions
18C-2-8 Trust fund established; limitations on use of fund; duties of treasurer in connection therewith; special account created
18C-2-9 Construction of provisions of article relating to loan program

Terms Used In West Virginia Code > Chapter 18C > Article 2 - Guaranteed Student Loan Program

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • obligations: shall mean those evidences of debt which the governing boards may buy, sell, endorse, or guarantee under the provisions of this article. See West Virginia Code 18C-2-2
  • Senior administrator: means the vice chancellor for administration employed pursuant to section two, article four, chapter . See West Virginia Code 18C-1-2
  • State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
  • Trustee: A person or institution holding and administering property in trust.
  • undertaking: shall mean the official act of the governing boards, or senior administrator acting under the direction of the boards, in connection with the acquisition or disposition of all or any part of obligations or interest therein which the governing boards are authorized to buy or sell hereunder. See West Virginia Code 18C-2-2