Chapter 21, Article 21A NMSA 1978 may be cited as the “Educational Assistance Act”. History: Laws 1981, ch. 319, § 1; 2005, ch. 201, § 1. ANNOTATIONS Cross references. — For Teacher Loan for Service Act, see 21-22E-1 NMSA 1978 et seq. For the Legislative Endowment Scholarship Act, see 21-21J-1 NMSA 1978 et seq. The […]
The board of directors of the foundation may by resolution provide for the issuance of refunding bonds to refund any outstanding bonds issued under the Educational Assistance Act, together with redemption premiums, if any, and interest accrued or to accrue thereon. Provisions governing the issuance and sale of bonds under that act govern the issuance […]
In the discretion of the foundation, any bonds issued under the provisions of the Educational Assistance Act may be secured by a trust agreement by and between the foundation and a corporate trustee, which may be a bank or trust company having trust powers within or without the state. The trust agreement or the resolution […]
The pledge of any assets or revenues of the foundation to the payment of the principal of or the interest on any bonds shall be valid and binding from the time when the pledge is made, and any such assets or revenues shall immediately be subject to the lien of such pledge without any physical […]
Notwithstanding any other provisions of law, all money received by the foundation under the provisions of the Educational Assistance Act shall be deemed to be trust funds to be held and applied solely as provided in that act. The resolution authorizing any obligations or the trust agreement securing the obligations may provide that any of […]
Any holder of bonds issued under the provisions of the Educational Assistance Act or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of such bonds, except as the rights given pursuant to that act may be restricted by such trust agreement or resolution, may, either at law […]
All bonds issued by the foundation under the Educational Assistance Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians and for the sinking funds of political subdivisions, departments, institutions and agencies of the state. When accompanied by all unmatured coupons appurtenant to […]
A. The foundation shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor, the secretary of state, the state auditor and the legislative finance committee. Each report shall set forth a complete operating and financial statement of the foundation during the year. […]
History: Laws 1981, ch. 319, § 17; 1988, ch. 124, § 2; 1989, ch. 20, § 1; repealed by Laws 2011, ch. 168, § 10. ANNOTATIONS Repeals. — Laws 2011, ch. 168, § 10 repealed 21-21A-17 NMSA 1978, as enacted by Laws 1981, ch. 319, § 17, relating to investment of funds, effective June 17, […]
History: Laws 1981, ch. 319, § 18; 2005, ch. 201, § 8; repealed by Laws 2011, ch. 168, § 10. ANNOTATIONS Repeals. — Laws 2011, ch. 168, § 10 repealed 21-21A-18 NMSA 1978, as enacted by Laws 1981, ch. 319, § 18, relating to investment of severance tax permanent fund in bonds and educational loan […]
A. Any person or domestic corporation or association organized for the purpose of carrying on a business in New Mexico may, regardless of the provisions of any certificate of incorporation, charter or other articles of organization, make contributions or gifts, grants, bequests, devises or loans to the foundation. B. Any institution of higher education or […]
History: Laws 1981, ch. 319, § 2; 2005, ch. 201, § 2; repealed by Laws 2011, ch. 168, § 10. ANNOTATIONS Repeals. — Laws 2011, ch. 168, § 10 repealed 21-21A-2 NMSA 1978, as enacted by Laws 1981, ch. 319, § 2, relating to purpose, effective June 17, 2011. For provisions of former section, see […]
History: Laws 1981, ch. 319, § 20; repealed by Laws 2011, ch. 168, § 10. ANNOTATIONS Repeals. — Laws 2011, ch. 168, § 10 repealed 21-21A-20 NMSA 1978, as enacted by Laws 1981, ch. 319, § 20, relating to conflicts of interest, effective June 17, 2011. For provisions of former section, see the 2010 NMSA […]
Upon termination or dissolution, all rights and properties of the foundation shall pass to and be vested in the state, subject to the rights of any bondholders, lienholders and other creditors. History: Laws 1981, ch. 319, § 21; 2011, ch. 168, § 7. ANNOTATIONS The 2011 amendment, effective June 17, 2011, eliminated references to the […]
The state does hereby pledge to and agree with the holders of any bonds or notes issued under the Educational Assistance Act that the state will not limit or alter the rights hereby vested in the foundation or the corporation by that act to fulfill the terms of any agreement made with the holders thereof […]
History: Laws 1981, ch. 319, § 23; repealed by Laws 2011, ch. 168, § 10. ANNOTATIONS Repeals. — Laws 2011, ch. 168, § 10 repealed 21-21A-23 NMSA 1978, as enacted by Laws 1981, ch. 319, § 23, relating to administration of Student Loan Act and Student Loan Guarantee Act, effective June 17, 2011. For provisions […]
The repeal of sections or parts of sections of the Educational Assistance Act does not affect the existence of the educational assistance foundation created pursuant to that act or its activities in relation to bonds issued and outstanding or the servicing of student loans outstanding, including any special status of the foundation or dispensation granted […]
The repeal of sections or parts of sections of the Educational Assistance Act does not affect the existence of the educational assistance nonprofit corporation created pursuant to that act or its designation as the single nonprofit corporation authorized to provide a statewide educational loan program for the purposes of the federal Higher Education Act of […]
As used in the Educational Assistance Act: A. “bond” means any bond, note or other evidence of indebtedness; B. “educational loan” means a loan for educational purposes made to or for the benefit of qualified persons; C. “foundation” means a corporation formed pursuant to the provisions of the Educational Assistance Act to provide financial assistance […]
History: Laws 1981, ch. 319, § 4; 1989, ch. 19, § 2; repealed by Laws 2011, ch. 168, § 10. ANNOTATIONS Repeals. — Laws 2011, ch. 168, § 10 repealed 21-21A-4 NMSA 1978, as enacted by Laws 1981, ch. 319, § 4, relating to authorization, members, terms, meetings and bylaws of nonprofit guarantee corporations, effective […]
