§ 45-38.1-11. Revenues.
(a) The corporation is authorized to fix, revise, charge, and collect rates, rents, fees,
and charges for the use of and for the services furnished by each project, and to
contract with any person, partnership, association, or corporation, or other body,
public or private, in this respect. The rates, rents, fees, and charges shall be fixed
and adjusted in respect of the aggregate of rates, rents, fees, and charges from the
project so as to provide funds sufficient with other revenues, if any: (1) To pay
the cost of maintaining, repairing, and operating the project and each and every portion
of it, to the extent that the corporation has not adequately provided for the payment
of the cost; (2) to pay the principal of and the interest on outstanding revenue bonds
of the corporation issued in respect of the project as the bonds become due and payable;
and (3) to create and maintain reserves required or provided for in any resolution
authorizing, or trust agreement securing, the revenue bonds of the corporation. The
rates, rents, fees, and charges are not subject to supervision or regulation by any
department, commission, board, body, bureau, or agency of the state other than the
corporation. A sufficient amount of the revenues as may be necessary to pay the cost
of maintenance, repair, and operation and to provide reserves and for renewals, replacements,
extensions, enlargements, and improvements as may be provided for in the resolution
authorizing the issuance of any revenue bonds of the corporation or in the trust agreement
securing the revenue bond, shall be set aside at regular intervals as may be provided
for in the resolution or trust agreement in a sinking or other similar fund which
is pledged to, and charged with, the payment of the principal of and the interest
on the revenue bonds as the revenue bonds become due, and the redemption price or
the purchase price of bonds retired by call or purchase as provided in the resolution
or trust agreement. The pledge is valid and binding from the time when the pledge
is made; the rates, rents, fees, and charges and other revenue or other moneys pledged
and thereafter received by the corporation immediately subject to the lien of the
pledge without any physical delivery or further act, and the lien of the pledge valid
and binding against all parties having claims of any kind in tort, contract, or otherwise
against the corporation, irrespective of whether the parties have notice thereof.
Neither the resolution nor any trust agreement, nor any other agreement, nor any lease
by which a pledge is created, need be filed or recorded except in the records of the
corporation. The use and disposition of moneys to the credit of a sinking or other
similar fund are subject to the provisions of the resolution authorizing the issuance
of the bonds or of the trust agreement. Except as may otherwise be provided in the
resolution or the trust agreement, the sinking or other similar fund may be a fund
for all the bonds issued to finance projects, as a particular educational institution,
municipality, or a particular healthcare provider, without distinction or priority
of one over another; provided, that the corporation in the resolution or trust agreement
may provide that the sinking or other similar fund is the fund for a particular project
at an educational institution, municipality, or a healthcare provider and for the
bonds issued to finance a particular project, and may, additionally, permit and provide
for the issuance of bonds having a subordinate lien in respect of the security authorized
in this chapter to other bonds of the corporation and, in that case, the corporation
may create separate sinking or other similar funds in respect of the subordinate lien
bonds.
(b) In connection with any education loan program, the corporation shall fix, revise,
charge, and collect fees, and is empowered to contract with any person, partnership,
association, or corporation, or other body, public or private, in this respect. Each
agreement entered into by the corporation with a participating educational institution
shall provide that the fees and other amounts payable by the institution or institutions
with respect to any program or programs of the corporation are sufficient: (1) To
pay its or their share of the administrative costs and expenses of the program; (2)
To pay the principal of, the premium, if any, and the interest on outstanding bonds
or notes of the corporation issued in respect of the program to the extent that other
revenues of the corporation pledged for the payment of the bonds or notes are insufficient
to pay the bonds or notes as they become due and payable; (3) To create and maintain
reserves which may, but need not, be required or provided for in the bond resolution
relating to the bonds or notes of the corporation; and (4) To establish and maintain
whatever education loan servicing, control, or audit procedures are deemed necessary
to the operations of the corporation.
(c) The corporation shall pledge the revenues from each program, as described in §â€‚45-38.1-9(d)(1), as security for the issue of bonds or notes relating to the program. The pledge
is valid and binding from the time when the pledge is made; the revenues so pledged
by the corporation shall immediately be subject to the lien of the pledge without
any physical delivery or further act, and the lien of the pledge is valid and binding
against all parties having claims of any kind in tort, contract, or otherwise against
the corporation or any participating educational institution, whether the parties
have notice. Neither the bond resolution nor any financing statement, continuation
statement, or other instrument by which a pledge or security interest is created or
by which the corporation's interest in revenues is assigned need be filed in any public
records in order to perfect the security interest or lien against third parties, except
in the records of the corporation. The use and disposition of monies to the credit
of a sinking or other similar fund are subject to the provisions of the resolution
authorizing the issuance of the bonds or notes or of the trust agreement. Except as
provided in the resolution, or the trust agreement, the sinking or other similar fund
shall be a fund for all revenue bonds or notes issued to finance an educational program
or programs at one or more participating educational institutions, without distinction
or priority of one over another; provided, that the corporation in the resolution
or trust agreement may provide that the sinking or other similar fund is the fund
for a particular educational program or programs at a participating institution or
educational institutions and for the revenue bonds or notes issued to finance a particular
educational program or programs, and may, additionally, permit and provide for the
issuance of revenue bonds or notes having a subordinate lien in respect of the security
authorized in this chapter, to other revenue bonds or notes of the corporation and,
in that case, the corporation may create separate or other similar funds in respect
of the subordinate lien bonds or notes.