Section 101 – Short title of chapter.
53B-13-101. Short title of chapter. This chapter is known as the “Higher Education Loan Act.” Enacted by Chapter 167, 1987 General Session
Section 103 – Powers of Board of Regents.
53B-13-103. Powers of Board of Regents. The board has the powers necessary to carry out the purposes of this chapter, including the following: (1) to accept gifts, grants, loans, and other aids or amounts from a person, corporation, or governmental agency; (2) to loan money to eligible borrowers to assist them in obtaining a post-high […]
Section 104 – Issuance of bonds — Disposition of funds — Refunding bonds — Resolution to authorize bonds — Contents — Sale of bonds — Bond debt service reserve funds — Restoration of fund assets — Establishment of other subfunds.
53B-13-104. Issuance of bonds — Disposition of funds — Refunding bonds — Resolution to authorize bonds — Contents — Sale of bonds — Bond debt service reserve funds — Restoration of fund assets — Establishment of other subfunds. (1) The board may issue its bonds in the principal amounts necessary to provide funds for achieving […]
Section 105 – Agreements with bondholders unalterable.
53B-13-105. Agreements with bondholders unalterable. (1) Neither limitations or alterations of the rights vested in the board to fulfill the terms of an agreement made with bondholders nor impairment of the rights and remedies of those bondholders may occur until: (a) the bonds, together with interest on the bonds and interest on unpaid installments of […]
Section 106 – Investments in bonds of the board.
53B-13-106. Investments in bonds of the board. The bonds of the board are securities, in which public officers and bodies of this state, municipalities and municipal subdivisions, insurance companies and associations, persons carrying on an insurance business, banks, trust companies, savings banks and savings associations, saving and loan associations, investment companies, administrators, guardians, executors, trustees, […]
Section 107 – Payment of funds — Payment on warrants — Contracts with bondholders — Security.
53B-13-107. Payment of funds — Payment on warrants — Contracts with bondholders — Security. (1) The funds of the board, except as otherwise authorized or provided in this section, are paid to the state treasurer. (2) The money in the accounts is paid out on warrants signed by the State Division of Finance on requisition […]
Section 108 – Bonds and interest exempt from taxation except corporate franchise tax.
53B-13-108. Bonds and interest exempt from taxation except corporate franchise tax. The bonds issued under this chapter and the interest on the bonds are exempt from all taxation in this state, except for the corporate franchise tax. Enacted by Chapter 167, 1987 General Session
Section 109 – Board pledges — Attachment of lien — Recording unnecessary.
53B-13-109. Board pledges — Attachment of lien — Recording unnecessary. (1) A pledge made by the board is valid and binding from the time the pledge is made. (2) The money or property pledged and subsequently received by the board is immediately subject to the lien of the pledge without physical delivery or further act. […]
Section 110 – Default by board — Appointment of a trustee — Powers of the trustee and bondholders.
53B-13-110. Default by board — Appointment of a trustee — Powers of the trustee and bondholders. (1) If the board defaults in the payment of principal of or interest on an issue of bonds after the issue becomes due, whether at maturity or upon call for redemption, and the default continues for 30 days, or […]
Section 111 – Loans or purchase of obligations — Rules — Options — Repayment of federally insured loans.
53B-13-111. Loans or purchase of obligations — Rules — Options — Repayment of federally insured loans. (1) The board may purchase obligations from lenders or make loans to eligible borrowers, out of money available to the board for loans. The board shall promulgate rules for determining the needs of the respective borrowers for loans and […]
Section 112 – Separation of duties, responsibilities, funds, liabilities, and expenses — Immunity from personal liability.
53B-13-112. Separation of duties, responsibilities, funds, liabilities, and expenses — Immunity from personal liability. (1) The duties, responsibilities, funds, liabilities, and expenses of the board under this chapter shall be maintained wholly separate and apart from their other duties, responsibilities, funds, liabilities, and expenses. (2) A member of the board or a person executing the […]
Section 113 – Bond approval by attorney general incontestable after 30 days — Recital of certification.
53B-13-113. Bond approval by attorney general incontestable after 30 days — Recital of certification. (1) The attorney general shall examine the resolutions and proceedings authorizing the issuance and confirming the sale of bonds under this chapter. (2) Once examined and certified as legal obligations by the attorney general, the bonds become incontestable in any court […]
Section 114 – Mandamus in Supreme Court — Precedence.
53B-13-114. Mandamus in Supreme Court — Precedence. (1) If an official required by the proceeding authorizing bonds under this chapter to sign the bonds refuses to affix his signature to them, or if the attorney general refuses to certify the bonds as legal obligations, alleging illegality of the bonds, the board may bring an original […]