§ 21-16-714 — Investment of state funds in insured, guaranteed or other higher education loans

(a) Subject to approval of the governor and advice of the
attorney general, the state treasurer may enter into standby
commitment agreements for a commercially reasonable fee with the
authority under which the state agrees to purchase loans held by
the authority at any time the authority is unable to pay
interest on or principal of any of its outstanding obligations
on any regularly scheduled interest or principal payment date,
or at maturity, whether by acceleration, redemption or
otherwise. One (1) condition of the agreement shall require the
loan program to be designed for statewide participation and
benefits. If the commitment is incurred, the investment shall
be made from the Wyoming permanent mineral trust fund or
permanent land fund and shall not exceed one hundred
seventy-five million dollars ($175,000,000.00).
(b) If loans are sold, the authority shall, as partial
consideration for the sale, retain the responsibility for
collection and procedural processing of the loans at its sole
expense with the exception of servicing fees as specified in the
standby commitment agreement. In no case shall the state be
obliged to administer loans purchased from the authority. The
portion of any payment reflecting a return of corpus shall be
credited to the permanent mineral trust fund or permanent land
fund and the balance of the payment shall be credited to the
general fund or the permanent land income fund, as applicable.