§ 37-145-1. Short title
This chapter shall be known and may be cited as the “Mississippi Opportunity Loan Program Act.”
§ 37-145-11. Board of trustees to serve as direct lender of non-subsidized student loans; general duties
The board of trustees shall serve as the direct lender of the non-subsidized student loans authorized under this chapter and in such capacity shall: Accept and review each loan application; Determine the applicant’s eligibility and continued eligibility; Collect any balance which may become due as a result of default on any loan, for which purpose […]
§ 37-145-13. Loan limits; coordination with certain other programs
The annual and aggregate loan limits for each eligible student borrower shall be in accordance with those limits established for the Stafford Loan Program authorized by Title IV of the Higher Education Act of 1965, as amended. The board of trustees has established an agency to carry out the functions of providing guarantees to student […]
§ 37-145-15. Eligibility for loans
To be eligible to receive a loan under this chapter, the applicant must have been a bona fide resident of the State of Mississippi for three (3) consecutive years immediately preceding the date of the loan application and must be enrolled or accepted for enrollment by a public or private junior college, community college or […]
§ 37-145-17. Disposition of repaid principal and interest
All repaid principal and interest resulting from repayment of a loan and not required for retirement of bonds issued under authority of Sections 37-145-43 through 37-145-73 or other expenses of the Mississippi Opportunity Loan Program shall be credited to the Mississippi Opportunity Loan Fund.
§ 37-145-19. Loans subject to availability of funds
The receipt of a loan under this chapter by an eligible borrower is subject to the availability of lending capital and Mississippi Opportunity Loan Fund balances.
§ 37-145-21. Authority to enter into agreements and contracts
The company, the board of trustees and the State Bond Commission are hereby authorized to enter into any and all agreements and contracts as may be necessary to effectuate the purposes of this chapter.
§ 37-145-23. Authority to issue general obligation bonds
The State Bond Commission shall have the power and is hereby authorized, at one (1) time or from time to time, to issue negotiable general obligation bonds of the State of Mississippi to initially fund the Mississippi Opportunity Loan Fund. The total amount of bonds which may be issued pursuant to Sections 37-145-23 through 37-145-43 […]
§ 37-145-25. Issuance of general obligation bonds
Upon the adoption of a resolution by the board of directors of the company declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by Sections 37-145-23 through 37-145-43, the board shall deliver a certified copy of its resolution to the State Bond Commission. Upon the receipt of […]
§ 37-145-27. General obligation bonds negotiable and tax exempt
All general obligation bonds of the State of Mississippi and interest coupons issued under the provisions of Sections 37-145-23 through 37-145-41 shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the State of Mississippi. Such bonds and the income therefrom shall be […]
§ 37-145-29. Sale of general obligation bonds; notice of sale
The State Bond Commission shall sell such bonds in the manner and at a price which will result in the lowest interest rate on the best terms obtainable for the state, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to […]
§ 37-145-3. Definitions
As used in this chapter: “Company” means the Mississippi Business Finance Corporation established pursuant to Section 57-10-167. “Board of trustees” means the Board of Trustees of State Institutions of Higher Learning. “Guaranty Agency” means the Mississippi Guarantee Student Loan Agency of the Board of Trustees of State Institutions of Higher Learning.
§ 37-145-31. Proceeds of sale of general obligation bonds
Upon the issuance and sale of such bonds, the State Bond Commission shall transfer the proceeds of any such sale to the State Treasurer. Immediately upon receipt of a resolution from the board of directors of the company requesting same, the State Fiscal Officer shall issue a warrant to the State Treasurer to cause to […]
§ 37-145-33. Bondholder enforcement of general obligation bond rights
Any holder of bonds issued under the provisions of Sections 37-145-23 through 37-145-41 or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted hereunder, or under such resolution, and may enforce and compel performance […]
§ 37-145-35. No additional proceedings or happenings necessary for issuance of general obligation bonds; validation of bonds
Such general obligation bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions and things which are specified or required by Sections 37-145-23 through 37-145-41. Any resolution providing for the issuance of general obligation bonds under the provisions of Sections 37-145-23 through 37-145-41 shall […]
§ 37-145-37. General obligation bonds legal investments and securities
All bonds issued under the provisions of Sections 37-145-23 through 37-145-41 shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by […]
§ 37-145-39. No additional authority necessary for issuance of general obligation bonds
Sections 37-145-23 through 37-145-41 shall be deemed to be full and complete authority for the exercise of the powers therein granted.
§ 37-145-41. Attorney for State Bond Commission; expenses of Commission for general obligation bond issuance
The State Bond Commission shall select an attorney or attorneys to represent the State Bond Commission in issuing, selling and validating bonds provided for in Sections 37-145-23 through 37-145-41, and the bond commission is hereby authorized and empowered to expend from the proceeds derived from the sale of the bonds authorized hereunder all necessary administrative, […]
§ 37-145-43. Authority to issue student loan revenue bonds; purpose of bonds
The company, in addition to any other powers and duties, shall have the power to issue student loan revenue bonds as hereinafter provided in Sections 37-145-43 through 37-145-73 in order to provide funds for deposit into the Mississippi Opportunity Loan Fund and to provide funds to the board of trustees to use in support of […]
§ 37-145-45. Student loan revenue bonds not a public obligation
No bonds issued by the company under Sections 37-145-43 through 37-145-73 shall constitute a debt, liability or general obligation of the state or any political subdivision thereof (other than the company), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the company), but shall be payable […]