§ 116-209.2. Reserves.
128 words·~1 min read·
/nc/chapter-116/116-209-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 116-209.2. Reserves.
The Authority may provide in any resolution authorizing the issuance of bonds or any trust agreement securing any bonds that proceeds of such bonds may be used to establish reserve accounts in any trustee or banking institution or otherwise as determined by the Authority, for securing such bonds and facilitating the making of student loans and acquiring student obligations, to provide for the payment of interest on such bonds for such period of time as the Authority shall determine, and for such other purposes as will facilitate the issuance of bonds at rates of interest and upon terms deemed reasonable by the Authority and will, in the Authority's judgment, facilitate carrying out the purposes of this Article.
(1967, c. 1177; 1971, c. 392, s. 3.)