Section 173.350 – Citation of law.
Effective – 28 Aug 1981 173.350. Citation of law. — This subchapter may be referred to and cited as the “Missouri Higher Education Loan Authority Act”. ——– (L. 1981 H.B. 326)
Section 173.355 – Definitions.
Effective – 28 Aug 2007 173.355. Definitions. — As used in sections 173.350 to 173.450*, the following terms mean: (1) “Asset of the authority”, any asset or investment of any kind owned by the authority, including, but not limited to, any student loan, any income or revenues derived from any asset or investment owned by […]
Section 173.360 – Higher education loan authority, created — members, selection procedure, qualifications — terms — vacancy — removal procedure.
Effective – 28 Aug 2007 173.360. Higher education loan authority, created — members, selection procedure, qualifications — terms — vacancy — removal procedure. — In order to assure that all eligible postsecondary education students have access to student loans that are guaranteed or insured, or both, and in order to support the efforts of public […]
Section 173.365 – Quorum — affirmative vote requirement — meetings open to public — notice — expenses.
Effective – 28 Aug 1994 173.365. Quorum — affirmative vote requirement — meetings open to public — notice — expenses. — Four members of the authority shall constitute a quorum for the purpose of conducting business and exercising the powers of the authority. Action may be taken by the authority upon the affirmative vote of […]
Section 173.370 – Organizational meeting — officers — secretary, appointment, duties, compensation, executive director, appointment, compensation.
Effective – 28 Aug 1981 173.370. Organizational meeting — officers — secretary, appointment, duties, compensation, executive director, appointment, compensation. — 1. The chairman of the coordinating board shall call and convene the initial organizational meeting of the authority and shall serve as its chairman pro tem. At the initial meeting and annually thereafter, the authority […]
Section 173.375 – Bond requirements for members of authority — filed where.
Effective – 28 Aug 1981 173.375. Bond requirements for members of authority — filed where. — Each member of the authority shall execute a surety bond in the penal sum of fifty thousand dollars or, in lieu thereof, the chairman of the authority shall execute a blanket bond covering each member and the employees or […]
Section 173.380 – Conflict of interest, procedure to avoid.
Effective – 28 Aug 1981 173.380. Conflict of interest, procedure to avoid. — Any other provision of the law to the contrary notwithstanding, it shall not be or constitute a conflict of interest for a trustee, director, officer, or employee of any educational institution, financial institution, investment banking firm, brokerage firm, commercial bank or trust […]
Section 173.385 – Authority, powers and duties — distribution to Lewis and Clark discovery fund, amount — immunity from liability, when.
Effective – 28 Aug 2007 173.385. Authority, powers and duties — distribution to Lewis and Clark discovery fund, amount — immunity from liability, when. — 1. The authority shall have the following powers, together with all powers incidental thereto or necessary for the performance thereof: (1) To have perpetual succession as a body politic and […]
Section 173.386 – Assets may not be used for payment of debt.
Effective – 28 Aug 2007 173.386. Assets may not be used for payment of debt. — Notwithstanding any other provision of law, the authority shall not have the power or authority to cause any asset of the authority to be used for the payment of debt incurred by the state, and the authority shall not […]
Section 173.387 – Authority may be originator of guaranteed student loan, conditions.
Effective – 02 May 2008 173.387. Authority may be originator of guaranteed student loan, conditions. — The authority is hereby authorized to be the originator of any federally guaranteed student loan. Provided, however, with respect to borrowers attending higher education institutions in the state of Missouri, the authority’s origination of Stafford loans under the Federal […]
Section 173.390 – Bond issues — types authorized — rates — option to call for redemption before maturity, requirements — sale — price — cost.
Effective – 28 Aug 2003 173.390. Bond issues — types authorized — rates — option to call for redemption before maturity, requirements — sale — price — cost. — Bonds of the authority may be issued as serial bonds, as term bonds, or as a combination of both types. All such bonds issued by the […]
Section 173.392 – Lewis and Clark discovery fund created, use of moneys — annual appropriations, purposes.
Effective – 28 Aug 2007 173.392. Lewis and Clark discovery fund created, use of moneys — annual appropriations, purposes. — 1. There is hereby created in the state treasury a fund to be known as the “Lewis and Clark Discovery Fund”. The state treasurer shall deposit to the credit of the fund all moneys which […]
Section 173.393 – Misuse of moneys by recipient becomes liability, repayment of moneys.
Effective – 28 Aug 2007 173.393. Misuse of moneys by recipient becomes liability, repayment of moneys. — Any money appropriated by the general assembly from the Lewis and Clark discovery fund and used by the recipient in violation of section 173.386 or section 173.392 shall thereby be a liability of the recipient to the credit […]
Section 173.395 – Issuance of more than one series of bonds, requirements — refunding authorized.
Effective – 28 Aug 1994 173.395. Issuance of more than one series of bonds, requirements — refunding authorized. — Issuance by the authority of one or more series of bonds or other forms of indebtedness shall not preclude it from issuing other bonds or other forms of indebtedness in connection with the same purpose or […]
Section 173.400 – Bonds construed to be negotiable instruments.
Effective – 28 Aug 1994 173.400. Bonds construed to be negotiable instruments. — All bonds or other forms of indebtedness of the authority and the interest coupons applicable thereto are hereby made and shall be construed to be negotiable instruments. ——– (L. 1981 H.B. 326, A.L. 1994 S.B. 583)
Section 173.405 – Principal and interest, how secured — resolution or trust agreement, content — default, remedies.
Effective – 28 Aug 1994 173.405. Principal and interest, how secured — resolution or trust agreement, content — default, remedies. — The principal of and interest on any bonds issued by the authority shall be secured by a pledge of the revenues derived from or by reason of the ownership of student loan notes and […]
Section 173.410 – State or political subdivision not liable, statement on face of bond required.
Effective – 28 Aug 1994 173.410. State or political subdivision not liable, statement on face of bond required. — Bonds or other forms of indebtedness issued under the provisions of sections 173.350 to 173.450 shall not be deemed to constitute a debt or liability of the state or of any political subdivision thereof or a […]
Section 173.415 – Tax exemptions, income and property of authority — bonds exempt from certain provisions.
Effective – 28 Aug 1994 173.415. Tax exemptions, income and property of authority — bonds exempt from certain provisions. — The authority is hereby declared to be performing a public function and to be a separate public instrumentality of the state. Accordingly, the income of the authority and all properties at any time owned by […]
Section 173.420 – Authority may borrow for expenses — loans to be repaid — powers of authority, how construed.
Effective – 28 Aug 1981 173.420. Authority may borrow for expenses — loans to be repaid — powers of authority, how construed. — All expenses of the authority incurred in carrying out the provisions of sections 173.350 to 173.450 shall be payable solely from funds provided under such sections, and no liability shall be incurred […]
Section 173.425 – Assets not part of revenue — exclusive control of authority — student loan notes not public property.
Effective – 28 Aug 2007 173.425. Assets not part of revenue — exclusive control of authority — student loan notes not public property. — No asset of the authority shall be considered to be part of the revenue of the state within the meaning of Article III, Section 36, of the Constitution of Missouri, and […]