(a) The Student Loan Guarantee Foundation of Arkansas, a private nonprofit corporation organized under the laws of this state for the purposes, as stated in its articles of incorporation, “to do any and all necessary things to implement the student loan fund program as provided for in Pub. L. No. 89-329 and in such other […]
(a) (1) All moneys received by the Student Loan Guarantee Foundation of Arkansas under the provisions of this subchapter shall be deposited by the foundation into bank accounts in one (1) or more banks of this state, or the moneys may be placed on deposit into savings and loan associations in this state, the deposits […]
(a) The Student Loan Guarantee Foundation of Arkansas shall designate a disbursing officer who shall administer the trust funds made available to the foundation under the provisions of this subchapter. (b) (1) The disbursing officer shall file a surety bond of a corporate surety authorized to do business in this state with the Secretary of […]
All of the funds, securities, equities, and assets received by the Student Loan Guarantee Foundation of Arkansas under the provisions of this subchapter shall be used exclusively for the purposes of providing the state’s matching reserves requirements or other obligations under Pub. L. No. 89-329, as the funds, securities, equities, and assets relate to insured […]
(a) Whenever moneys made available to the Student Loan Guarantee Foundation of Arkansas under the provisions of this subchapter are insufficient to meet cash obligations of the foundation pursuant to applicable federal laws, the foundation is authorized to sell for cash any securities transferred to the foundation under the provisions of this subchapter, except the […]
The Student Loan Guarantee Foundation of Arkansas is not subject to audit by the Legislative Joint Auditing Committee but, at least annually, shall contract for an audit by a certified public accountant and transmit a copy of the audit to the Legislative Joint Auditing Committee.
