§ 59-115-90 — Bond resolution; custody of moneys received; expenses payable from loan fund.

The resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper, including covenants setting forth the duties of the authority in relation to the purchase or sale of obligations, the making of student loans, the insurance or guarantee of student loans, the fees, charges and premiums to be fixed and collected, the terms and conditions for the issuance of additional bonds and the custody, safeguarding and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of the State which may act as depository of the proceeds of bonds, revenues or other money hereunder to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. Any such resolution may set forth the rights and remedies of the bondholders and may restrict the individual right of action by bondholders. All expenses incurred in carrying out the provisions of such resolution may be treated as a part of the cost of administering this chapter and may be payable, together with other expenses of operation and administration under this chapter incurred by the authority, from the loan fund.

Legislative History

HISTORY: 1962 Code SECTION 22-96.8; 1971 (57) 775; 1978 Act No. 474, SECTION 9.