Higher Education Loan Authority Act

The act creates a public authority charged with financing higher education, giving it power to acquire money, endowments, property, and guarantees, to issue bonds and other obligations, and to apply the proceeds to loans and to the purchase of federally guaranteed securities, including for jointly undertaken or combined projects. Those obligations are secured by trust agreements and by pledges of the authority's revenues, are declared not to be debts of the state or any political subdivision, and carry defined rights for holders and trustees along with the state's own pledge not to impair them. The remaining provisions supply the operating framework: refunding bonds, permitted investments of authority funds, treatment of the obligations as legal investments, exemption from taxation on the ground that the authority performs an essential public function, waiver of competitive bidding, notice requirements, and annual reporting, with the act framed as an alternative and independent method that is to be liberally construed.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.