Section 8: Conveyance of assets comprising loan funding deposits
154 words·~1 min read·
/ma/part-i/title-ii/chapter-15c/8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 8. When the principal of, interest on and premium, if any, due in connection with bonds of the Authority issued to finance the cost of an education loan financing program or programs, including any refunding bonds issued to refund and refinance such bonds, have been fully paid and retired or when adequate provision has been made to fully pay and retire the same, and all other conditions of the bond resolution authorizing the same have been satisfied and the security interest or lien created by such bond resolution has been released in accordance with the provisions thereof, the Authority shall promptly do such things and execute such deeds and conveyances as are necessary and required to convey any remaining monies, properties and other assets comprising loan funding deposits to the participating institutions for higher education which furnished the same in proportion to the amounts furnished by the respective participating institutions for higher education.