The General Assembly authorizes the authority to provide for the issuance, at one time or from time to time, of revenue bonds of the authority for any of its authorized purposes, including the use of a portion of the proceeds of any issue of bonds for the establishment of a reserve for the payment of principal and interest of the bonds. The reserve may be deposited in the sinking fund. Prior to the issuance of a series of bonds, the authority shall establish its compliance with the most restrictive of each parity bond test then imposed by the authority or by any nationally recognized rating agency which maintains a current rating of bonds of the authority. The bonds must be designated, subject to such additions or changes as the authority considers advisable, "State Education Assistance Authority Revenue Bonds, Series __________," inserting in the blank space a letter or numerals identifying particular series of bonds.
The principal of and interest on such bonds shall be payable solely from the sources herein provided for such payment. The bonds of each issue shall be dated, shall bear interest at such rate (within the limitation imposed by Section 11-9-350), shall mature at such time not exceeding twenty years from their date, as may be determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds. The Authority shall determine the form and the manner of execution of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination of the bonds and the place of payment of principal and interest, which may be at any bank or trust company within or without the State. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The Authority may also provide for the authentication of the bonds by its fiscal agent. The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. The Authority may sell such bonds in such manner, either at public or private sale, and for such price as it may determine will best effectuate the purposes of this chapter.
The authority shall provide in any resolution authorizing the issuance of revenue bonds for the pledging or assigning as security therefor so much of its income, receipts, funds or other assets of whatsoever kind from time to time acquired or owned by the authority, including all donations, grants and other money or property made available to it, payments received on student loans, including the principal, interest and penalties and other income derived from services rendered in connection with student loans, the proceeds of property or insurance, earnings and profits on investments of funds and from sales, purchases, endorsements of student loans, and other securities and instruments, contract rights, any funds, rights, proceeds of insurance or other benefits acquired pursuant to any federal law or contract to the extent not in conflict therewith, money recovered through the enforcement of any remedies or rights, and any other funds or things of value becoming the property of the authority, excluding the loan guarantee reserve fund, which, in the determination of the authority, may enhance the marketability of its revenue bonds. Moneys in the sinking fund shall be disbursed in such manner and under such restrictions as the authority may provide in the resolution authorizing the issuance of the bonds. Unless otherwise provided in the bond resolution, the revenue bonds at any time issued hereunder shall be entitled to payment from the sinking fund without preference or priority. Bonds may be issued under the provisions of this chapter without obtaining, except as otherwise expressly provided in this chapter, the consent of any department or agency of the State, and without any other proceedings or the happening of any conditions or things other than those proceedings, conditions or things which are specifically required by this chapter and the provisions of the resolution authorizing the issuance of such bonds.
HISTORY: 1962 Code Section 22-96.7; 1971 (57) 775; 1977 Act No. 140; 1978 Act No. 474, Sections 7, 8; 1979 Act No. 194, Part I, Section 3; 1981 Act No. 91, Section 1; 1983 Act No. 15, Section 2; 1985 Act No. 116, Section 1; 1990 Act No. 509, Section 1; 1993 Act No. 179, Section 2.