§ 20-A §11445-2 — Bonds

Maine § 20-A §11445-2

• Jurisdiction: Maine
• Title 20-A: EDUCATION
• Part 5: POST-SECONDARY EDUCATION
• Ch. 417-B: SUPPLEMENTAL LOAN PROGRAM

Text

1.
Issuance; purpose; payment; authorization; interim receipts or certificates.
The authority may issue bonds without limitation for the purpose of making authority loans to institutions participating in a program of the authority for the purpose of providing education loans, for acquiring existing portfolios of education loans from institutions or for financing or funding education loans directly or indirectly to borrowers. The bonds of each issue must be payable from sources specified in the agreement with bondholders, including without limitation, principal and interest on loans; payments by institutions, banks, insurance companies or others pursuant to letters of credit or purchase agreements; investment earnings from funds or accounts maintained pursuant to a trust agreement or other document; insurance proceeds; loan funding deposits; proceeds of sales of education loans; proceeds of refunding bonds; and other fees, charges or revenues of the authority.
2.
Provisions in bond resolution or other document.
Any bond resolution or other document may contain provisions, which are a part of the contract with the holders of the bonds to be authorized, as to:
3.
Liability.
No member or employee of the authority nor any person executing the bonds may be liable personally on the bonds or subject to any personal liability by reason of the issuance of the bonds.
4.
Purchasing, refunding or refinancing by authority.
The authority may purchase its bonds out of any available funds and may hold, pledge, cancel or resell the bonds subject to and in accordance with agreements with bondholders. The authority may refund or refinance any of its bonds.
5.
Security for series or issue of bonds.
The authority may pledge the repayments of authority loans as security for a series or issue of bonds. Notwithstanding any other provision of this chapter, the authority may commingle and pledge as security for a series or issue of bonds, with the consent of all of the institutions that are participating in the series or issue, the education loan series portfolios and some or all future education loan series portfolios of the institutions and the loan funding deposits of the institutions, if education loan series portfolios and other security and money set aside in any fund or funds pledged for any series or issue of bonds are held for the sole benefit of the series or issue separate and apart from education loan series portfolios, and other security and money pledged for any other series or issue of bonds of the authority.
The authority may provide for transfer of registration of its registered bonds by book entry on the records of the entity designated for that purpose and may enter into any agreement that it considers necessary to accomplish these purposes.

Legislative History

PL 1991, c. 603, §6 (NEW).