§ 21-16-705 — Powers and duties generally; preference to state financial institutions

Wyoming § 21-16-705

• Jurisdiction: Wyoming
• Title 21: Education
• Ch. 16: HIGHER EDUCATION GENERALLY
• Art. 7: WYOMING HIGHER EDUCATION ASSISTANCE AUTHORITY

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(a) For the purposes of this article, the authority may:
(i) Sue and be sued and procure necessary liability
insurance;
(ii) Have a seal;
(iii) Make and execute contracts and other
instruments;
(iv) Adopt rules and regulations in accordance with
the Wyoming Administrative Procedure Act for its organization,
for special meetings of the board, for internal management and
administration of its loan program, operations, properties and
facilities and as necessary to carry out this article;
(v) Acquire or contract to acquire by grant,
purchase, option or otherwise, real, personal or mixed property
or any interest in property;
(vi) Prepare plans, specifications and cost estimates
for the purchase, sale, acquisition or other financing of
student loans and modify the plans, specifications, designs or
estimates;
(vii) Provide advisory, consultive or educational
services, technical assistance and advice to any person in order
to carry out the purposes of the authority;
(viii) Borrow money and issue its negotiable
obligations and provide for the rights of the holders thereof;
(ix) Mortgage or pledge any or all of its revenue and
income and assign or pledge any of its assets for the payment of
the principal and interest on any obligations issued and any
agreements made in connection with the obligations;
(x) Deposit or invest any funds of the authority as
provided in W.S. 21-16-718;
(xi) Procure insurance against any loss in connection
with its property and any other assets and operations;
(xii) Engage the services of consultants on a
contract basis for rendering professional, financial and
technical assistance and advice;
(xiii) Contract for and accept any gifts, grants or
loans of funds or property or financial or other aid in any form
from the federal government or any federal agency or
instrumentality thereof, or from any other source and subject to
this article, and pass through or otherwise comply with any
terms and conditions;
(xiv) Pursuant to this article and under terms and
conditions as it prescribes, make student loans which may be
insured or guaranteed by governmental or private entities;
(xv) Acquire present or contingent interests in
student loans from financial institutions or other lending
institutions pursuant to this article and under terms and
conditions as the authority may prescribe;
(xvi) Take, hold, expend and administer, from any
source, any real property, personal property and monies, or any
interest therein, and the income therefrom, either absolutely or
in trust, for any purpose of this article. No obligation of the
authority under this article shall be an obligation of the state
nor shall any obligation of the authority be payable out of any
monies except those provided under this article;
(xvii) Issue obligations, the interest on which may
or may not be exempt from federal income tax calculations;
(xviii) Develop and administer all programs and
perform all functions necessary or convenient to promote and
facilitate the making of student loans and provide such other
higher education loan assistance and services as the authority
deems necessary or desirable;
(xix) Enter into loan servicing agreements with any
financial institution, lending institution or servicer at
reasonable fees; and
(xx) Consent to modification of the terms of any loan
or contract to which the authority is a party, subject to any
contract with the holders of its obligations.
(b) In purchasing loans from or making loans to financial
institutions pursuant to this article, the authority shall give
preference to financial institutions authorized to do business
within the state.