There is created the Alaska Student Loan Corporation. The corporation is a public corporation and government instrumentality within the Department of Education and Early Development but having a legal existence independent of and separate from the state. The corporation may not be terminated as long as it has bonds, notes, or other obligations outstanding. Upon […]
(a) The corporation shall be governed by a board of directors appointed by the governor consisting of two members of the Alaska Commission on Postsecondary Education, each of whom is selected for the commission under AS 14.42.015(a)(1) – (2), (4) – (6), (8), or (9) and the commissioner of revenue, the commissioner of administration, and […]
(a) The board shall meet at the call of its chairman and at other times as the board may determine in accordance with its regulations. (b) Public notice of a meeting of the board at which the issuance of corporation bonds is authorized shall be provided at least 24 hours before the meeting.
The board shall keep minutes of each meeting and send a certified copy to the governor and to the Legislative Budget and Audit Committee.
The board shall manage the assets and business of the corporation and may adopt bylaws and regulations, in accordance with AS 44.62 (Administrative Procedure Act), governing the manner in which the business of the corporation is conducted and the manner in which its powers are exercised. The board shall delegate supervision of the administration of […]
The executive officer of the Commission on Postsecondary Education appointed under AS 14.42.040(a) shall serve as executive officer of the corporation. The board shall prescribe the duties of the executive officer.
The employees of the Alaska Commission on Postsecondary Education shall serve as staff for the corporation.
The operating budget of the corporation is subject to AS 37.07 (Executive Budget Act).
In addition to other powers granted in this chapter, the corporation may (1) sue and be sued in its own name; (2) adopt an official seal; (3) adopt regulations under AS 44.62 (Administrative Procedure Act) to carry out the purposes of this chapter; (4) make and execute agreements, contracts, and other instruments necessary or convenient […]
(a) The purpose of this section is to provide for supplemental education loan financing to assist qualified borrowers with unmet costs of attendance at a postsecondary institution approved by the commission. (b) The corporation may develop and establish a financing program for the Alaska supplemental education loan administered by the commission under AS 14.43.170 – […]
(a) The education loan fund is established in the corporation. The education loan fund is a trust fund to be used to carry out the purposes of AS 14.42.100 – 14.42.990, AS 14.43.091 – 14.43.175, 14.43.600 – 14.43.700, 14.43.710 – 14.43.750, 14.43.990, and AS 14.44.025. The fund consists of money or assets appropriated or transferred […]
(a) The corporation shall set the interest rate on a loan financed by the corporation under AS 14.43.091 – 14.43.160, 14.43.170 – 14.43.175, 14.43.710 – 14.43.750, and AS 14.44.040. Interest on a loan accrues from the time the loan is disbursed. (b) A borrower may elect to make payments of interest that accrues during the […]
(a) The corporation may borrow money and may issue bonds, on which the principal and interest are payable from its income and receipts or other assets or a designated part or parts of them. The corporation may use the proceeds of its bonds for any purposes that the corporation considers appropriate, including providing money to […]
An issue of bonds by the corporation may be secured by a trust indenture or trust agreement between the corporation and a corporate trustee, which may be a trust company, bank, or national banking association, with corporate trust powers, located inside or outside the state, or by a secured loan agreement or other instrument or […]
(a) For the purpose of securing one or more issues of bonds of the corporation, the board may establish one or more special funds, called “capital reserve funds,” and may pay into those capital reserve funds the proceeds of the sale of bonds and other money available to the corporation from other sources for the […]
It is the intention of the legislature that a pledge made in respect to bonds of the corporation shall be valid, perfected, and binding from the time the pledge is made; that the money or property so pledged and thereafter received by the corporation shall immediately be subject to the lien of the pledge without […]
(a) The members of the board and individuals executing the bonds of the corporation are not liable personally on the bonds or subject to personal liability or accountability by reason of the issuance of the bonds. (b) The bonds issued by the corporation do not constitute an indebtedness or other liability of the state or […]
The board may select one or more underwriters for its bonds in accordance with procedures (1) for the award of a contract under AS 36.30.200 – 36.30.260; or (2) adopted by regulations of the board that are based on the competitive principles of AS 36.30.200 – 36.30.260 and are adapted to the special needs of […]
The state pledges to and agrees with holders of bonds issued by the corporation that the state will not limit or alter the rights and powers vested in the corporation under AS 14.42.100 – 14.42.990 to fulfill the terms of a contract made by the corporation with the bondholders or in any way impair the […]
The real and personal property of the corporation and its assets, income, and receipts are declared to be the property of a political subdivision of the state and devoted to an essential public and governmental function and purpose, and the property, assets, income, receipts, and other interests of the corporation are exempt from all taxes […]
