The corporation is authorized and empowered to establish specific guidelines relating to the deposits of certain monies, endowments, or properties by institutions for higher education which would provide security for education loan funding programs, corporation loans, education loans, or for bonds or notes, and to establish guidelines relating to guarantees of or contracts to purchase education loans or bonds by the institutions or by financial institutions or others. A default reserve fund may be established for each series or issue of bonds. In this regard, the corporation is empowered to receive monies, endowments, properties, and guarantees as it deems appropriate and, if necessary, to take title in the name of the corporation or in the name of a participating institution for higher education or a trustee.
History of Section.
P.L. 1982, ch. 301, § 3; P.L. 1991, ch. 292, § 1; P.L. 2000, ch. 184, § 1.