§ 20-3-356. Interests of Bondholders Protected
While any of the bonds issued by the authority remain outstanding, the powers, duties, or existence of the authority or of its officers, employees, or agents shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holders of such bonds, nor will the state itself in […]
§ 20-3-357. Termination or Dissolution of Authority
Upon termination or dissolution of the authority, all assets, rights, and properties of the authority under the authority of this subpart shall pass to and be vested in the state to be used for educational purposes, subject to the rights of lienholders and other creditors under this subpart; provided, however, that no such termination or […]
§ 20-3-358. SubPart And Part Deemed Supplemental to Other Laws
This subpart and part shall be deemed to provide an additional and alternative method for the doing of the things authorized thereby, shall be regarded as supplemental and additional to any powers conferred by other laws upon the authority, and shall not be regarded as in derogation of any such powers; provided, however, that the […]
§ 20-3-351. Issuance of Refunding Obligations by Authority
The authority is authorized to provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which shall have been issued under this subpart, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such obligations and, if deemed […]
§ 20-3-352. Reserve or Replacement Funds of Authority
The authority shall be authorized, in connection with the issuance of its bonds or other obligations pursuant to this subpart, to establish, in respect of such bonds or obligations, such reserve funds or replacement funds as may be required in the sound discretion of its board of directors to enable the authority to effectuate its […]
§ 20-3-353. Exemption of Directors and Officers of Authority From Personal Liability
No director or officer of the authority shall be subject to any personal liability or accountability by reason of his execution of any obligations or the issuance thereof. History. Code 1933, § 32-3739, enacted by Ga. L. 1980, p. 835, § 3.
§ 20-3-354. Payment of Expenses From Appropriations and Income
The authority is authorized to accept and expend such moneys as may be appropriated from time to time by the legislature and income from the operations of the authority under this subpart, subject to any resolution, trust indenture, or other agreement with the holders of any of its outstanding obligations, for the payment of expenses […]
§ 20-3-355. Tax Exemptions of Authority and Its Bonds and Notes; Exceptions
The authority is a duly created public corporation and political subdivision of the state and is performing essential governmental functions in the exercise of its corporate purposes. Accordingly, the authority shall not be required to pay and shall be exempt and free from the payment of any taxes and assessments to the state or to […]
§ 20-3-340. Legislative Findings; Purpose of Subpart
The General Assembly finds that students and parents are not always able to obtain educational loan assistance from a commercial lender under the Georgia Higher Education Loan Program provided for in Part 2 of this article; that a need exists to make additional educational loan funds available to students and parents; and that a need […]
§ 20-3-341. Definitions
As used in this subpart, the term: “School” means a “school” as such term is defined in paragraph (18) of Code Section 20-3-262. “Student” or “eligible student” means a “student” or “eligible student” as such term is defined in paragraph (21) of Code Section 20-3-262 and regulations of the authority. History. Code 1933, § 32-3727, […]