Section 16-62-1. – Short title.
§ 16-62-1. Short title. This chapter shall be known as “The Rhode Island Student Loan Authority Act”. History of Section.P.L. 1981, ch. 44, § 1.
Section 16-62-10. – Security for bonds and notes.
§ 16-62-10. Security for bonds and notes. (a) The principal of and interest on any bonds or notes issued by the authority may be secured by a pledge or assignment of any revenues, receipts, or assets of the authority and may be secured by a security interest or other instrument covering all or any part […]
Section 16-62-11. – Trust funds.
§ 16-62-11. Trust funds. All money received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or notes or as revenues, receipts, or income, shall be trust funds to be held and applied solely as provided in the proceedings under which the bonds or notes are authorized. Any officer […]
Section 16-62-12. – Exemption from taxation.
§ 16-62-12. Exemption from taxation. (a) The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of this state, the increase of their commerce, welfare, and prosperity, and for the improvement of their living conditions, and will constitute the performance of an essential government function; […]
Section 16-62-13. – Notes and bonds as legal investments.
§ 16-62-13. Notes and bonds as legal investments. The notes and bonds of the authority are made securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, including, but not limited to, the authority, all companies and associations and other persons carrying on an insurance business, all banks, […]
Section 16-62-14. – Bondholders’ rights not to be affected by state.
§ 16-62-14. Bondholders’ rights not to be affected by state. The state does pledge to and agree with the holders of any bonds or notes issued under this chapter that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the holders until […]
Section 16-62-15. – Credit of state.
§ 16-62-15. Credit of state. Obligations issued under the provisions of this chapter shall not constitute a debt, liability, or obligation of the state or of any political subdivision of the state other than the authority or a pledge of the faith and credit of the state or any political subdivision other than the authority, […]
Section 16-62-16. – Authorization to accept appropriated money.
§ 16-62-16. Authorization to accept appropriated money. The authority is authorized to accept any money as may be appropriated by the general assembly for effectuating its corporate purposes including, without limitation, the payment of the initial expenses of administration and operation and the establishment of reserves or contingency funds to be available for the payment […]
Section 16-62-17. – Assistance by state officers, departments, boards, and commissions.
§ 16-62-17. Assistance by state officers, departments, boards, and commissions. (a) All state agencies may render any services to the authority within their functions as may be requested by the authority. (b) Upon request of the authority, any state agency is authorized and empowered to transfer to the authority any officers and employees as it […]
Section 16-62-18. – Annual report.
§ 16-62-18. Annual report. Within six (6) months after the close of its fiscal year the board shall approve and submit an annual report to the governor, the speaker of the house of representatives, the president of the senate, and the secretary of state of its activities during that fiscal year. The report shall provide: […]
Section 16-62-19. – Inconsistent provisions.
§ 16-62-19. Inconsistent provisions. When any provisions of this chapter are inconsistent with the provisions of any other law or ordinance, general, special, or local, the provisions of this chapter shall be controlling. History of Section.P.L. 1981, ch. 44, § 1.
Section 16-62-2. – Findings.
§ 16-62-2. Findings. The purpose of this chapter is to authorize a system of financial assistance, consisting of grants, loans, and other aids, for qualified inhabitants of the state to enable them to obtain a postsecondary education by attending public or private educational institutions both within and without the state. The general assembly has found […]
Section 16-62-20. – Supplemental nature of powers — Issuance of bonds and notes governed by this chapter.
§ 16-62-20. Supplemental nature of powers — Issuance of bonds and notes governed by this chapter. Nothing contained in this chapter shall restrict or limit the powers of the authority arising under any laws of this state. This chapter shall be construed to provide a complete additional and alternative method for doing the things authorized […]
Section 16-62-21. – Construction.
§ 16-62-21. Construction. This chapter being necessary for the welfare of the state and its inhabitants shall be liberally construed to effectuate its purposes. History of Section.P.L. 1981, ch. 44, § 1.
Section 16-62-22. – Severability.
§ 16-62-22. Severability. If any clause, sentence, paragraph, section, or part of this chapter shall be adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair, or invalidate the remainder of this chapter but shall be confined in its operation to the clause, sentence, paragraph, section, or part directly […]
Section 16-62-3. – Definitions.
§ 16-62-3. Definitions. As used in this chapter, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or intent: (1) “Authority” means the governmental agency and public instrumentality authorized, created, and established pursuant to § 16-62-4. (2) “Bonds” and “notes” means the bonds, notes, securities, […]
Section 16-62-4. – Creation.
§ 16-62-4. Creation. (a) There is authorized, created, and established a public corporation of the state having a legal existence distinct from the state and not constituting a department of state government, which is a governmental agency and public instrumentality of the state, to be known as the “Rhode Island student loan authority,” with the […]
Section 16-62-5. – General powers.
§ 16-62-5. General powers. The authority shall have all the powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including without limiting the generality of the preceding statement, the power: (1) To sue and be sued, complain, and defend, in its corporate name. (2) To have a seal […]
Section 16-62-6. – Additional general powers.
§ 16-62-6. Additional general powers. In addition to the powers enumerated in § 16-62-5, the authority shall have the power: (1) To lend money to students and to parents of students and to refinance or consolidate eligible loans and education loans previously made to a student or parent by the authority or other lending sources […]
Section 16-62-7. – Directors, officers, and employees.
§ 16-62-7. Directors, officers, and employees. (a) The powers of the authority shall be vested in a board of directors consisting of six (6) members as follows: five (5) members appointed by the governor from among members of the general public, who are qualified by training or experience in education, finance, or personal investment consulting […]