§ 16-62-6. Additional general powers.
In addition to the powers enumerated in § 16-62-5, the authority shall have the power:
(1) To lend money to students and to parents of students and to refinance or consolidate
eligible loans and education loans previously made to a student or parent by the authority
or other lending sources for the purpose of assisting the student in obtaining an
education in an eligible institution, including refinancing or consolidating obligations
previously incurred by a student or a parent with other lending sources for this purpose
and participating in loans to students or parents for this purpose with other lending
sources.
(2) To make, acquire, take, or purchase eligible loans and education loans with the proceeds
of bonds or notes or any other funds of the authority available for it or any interest
or participation in it, in any amount, at any price or prices, and upon any terms
and conditions as the authority will determine.
(3) To sell eligible loans held by the authority to governmental or private financial
institutions, or to borrow from those financial institutions against the security
of these eligible loans in any amounts, at any price or prices, and upon any terms
and conditions as the authority shall determine.
(4) To procure insurance of every nature or to enter into agreements with eligible institutions
to protect the authority against losses that may be incurred in connection with its
property, assets, activities, or the exercise of the powers granted under this chapter.
(5) Subject to a contract with the holders of its bonds or notes, or a contract with the
recipient of an eligible loan, when the authority deems it necessary or desirable
to consent to the modification, with respect to security, rate of interest, time of
payment of interest or principal, or any other term of a bond or note, contract, or
agreement between the authority and the recipient or maker of a loan, bond, or note
holder, or agency or institution guaranteeing the repayment, purchasing, or selling
of an eligible loan.
(6) To engage the services of consultants on a contract basis for rendering professional
and technical assistance and advice, and to employ attorneys, accountants, financial
experts, and any other advisors, consultants, and agents that may be necessary in
its judgment, and to fix their compensation.
(7) To contract for and to accept any gifts, grants, loans, funds, property (real or personal),
or financial or other assistance in any form from the United States, or any agency
or instrumentality of it, or from the state or any agency or instrumentality of it,
or from any other source, and to comply, subject to the provisions of this chapter,
with the terms and conditions of it.
(8) To borrow money and to issue bonds and notes and to provide for the rights of the
holders of these, and to secure the bonds and notes by assignment, pledge, or granting
of a security interest in its property, including, without limitation, all or a part
of its interest in eligible loans, education loans, or agreements with eligible institutions
with regard to these for the purpose of providing funds to effectuate its purposes
under this chapter, including the financing of eligible loans or education loans or
for the purpose of refunding any bonds previously issued.
(9) To prescribe rules and regulations deemed necessary or desirable to carry out the
purposes of this chapter, including, without limitation, rules and regulations: (i)
To ensure compliance by the authority with the requirements imposed by statutes or
regulations governing the guaranty, insurance, purchase, or other dealing in eligible
loans by federal agencies, instrumentalities, or corporations, and (ii) To set standards
of eligibility for educational institutions, students, and lenders and to define residency
and all other terms as the authority deems necessary to carry out the purposes of
this chapter.
(10) To establish penalties for violations of any order, rule, or regulation of the authority,
and a method for enforcing the orders, rules, and regulations.
(11) To set and collect fees and charges in connection with its eligible loans, commitments,
and servicing, including, without limitation, reimbursement of the costs of financing
by the authority, service charges, insurance premiums, and costs incurred by the authority
in carrying out its corporate purposes.
(12) To create and establish any other fund, or funds, that may be necessary or desirable
for its corporate purposes.