The Authority is hereby authorized to provide for the issuance, at onetime or from time to time, of revenue bonds of the Authority in such principalamounts as the Board of Directors shall determine to be necessary. The bondsshall be designated, subject to such additions or changes as the Authoritydeems advisable, "State Education Assistance Authority Revenue Bonds,Series____," inserting in the blank space a letter identifying theparticular series of bonds.
The principal of and the interest on such bonds shall be payable solelyfrom the funds herein provided for such payment. The bonds of each issue shallbe dated, shall bear interest at such rate or rates, shall mature at such timeor times not exceeding 30 years from their date or dates, as may be determinedby the Authority, and may be made redeemable before maturity, at the option ofthe Authority, at such price or prices and under such terms and conditions asmay be fixed by the Authority prior to the issuance of the bonds. Prior to thepreparation of definitive bonds, the Authority may, under like restrictions,issue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when such bonds shall have been executed andare available for delivery. The Authority may also provide for the replacementof any bonds which shall become mutilated or shall be destroyed or lost. TheAuthority shall determine the form and the manner of execution of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company within orwithout the State. In case any officer whose signature or a facsimile of whosesignature shall appear on any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he had remainedin office until such delivery. The Authority may also provide for theauthentication of the bonds by a fiscal agent. The bonds may be issued incoupon or in registered form, or both, as the Authority may determine, andprovision may be made for the registration of any coupon bonds as to principalalone and also as to both principal and interest, and for the reconversion intocoupon bonds of any bonds registered as to both principal and interest, and forthe interchange of registered and coupon bonds. The Authority may sell suchbonds in such manner, either at public or private sale, and for such price asit may determine will best effectuate the purposes of this Article.
The Authority is authorized to provide in any resolution authorizingthe issuance of bonds for pledging or assigning as security for its revenuebonds, subject to any prior pledge or assignment, and for deposit to the creditof the sinking fund, any or all of its income, receipts, funds or other assets,exclusive of bond proceeds and other funds required to be deposited to thecredit of the Loan Fund, of whatsoever kind from time to time acquired or ownedby the Authority, including all donations, grants and other money or propertymade available to it, payments received on student loans, such as principal,interest and penalties, if any, premiums on student loan insurance, fees,charges and other income derived from services rendered or otherwise, proceedsof property or insurance, earnings and profits on investments of funds and fromsales, purchases, endorsements or guarantees of obligations, as defined in G.S.116‑201 hereof, and other securities and instruments, contract rights,any funds, rights, insurance or other benefits acquired pursuant to any federallaw or contract to the extent not in conflict therewith, money recoveredthrough the enforcement of any remedies or rights, and any other funds orthings of value which in the determination of the Authority may enhance themarketability of its revenue bonds. Money in the sinking fund shall bedisbursed in such manner and under such restrictions as the Authority mayprovide in the resolution authorizing the issuance of such bonds. Unlessotherwise provided in the bond resolution, the revenue bonds at any time issuedhereunder shall be entitled to payment from the sinking fund without preferenceor priority of the bonds first issued. Bonds may be issued under the provisionsof this Article without obtaining, except as otherwise expressly provided inthis Article, the consent of any department, division, commission, board, body,bureau or agency of the State, and without any other proceedings or thehappening of any conditions or things other than those proceedings, conditionsor things which are specifically required by this Article and the provisions ofthe resolution authorizing the issuance of such bonds.
The Authority is authorized to provide by resolution or in any trustagreement for the issuance of revenue refunding bonds of the Authority for thepurpose of refunding, or advance refunding and paying, any bonds thenoutstanding, which have been issued under the provisions of this Article,including the payment of any redemption premium and of any interest accrued orto accrue up to the date of redemption of the bonds, and, if deemed advisableby the Authority, for making student loans or acquiring obligations under thisArticle. The issuance of the revenue refunding bonds, the maturities and otherdetails, the rights of the holders and the rights, duties and obligations ofthe Authority, shall be governed by the appropriate provisions of this Articlerelating to the issuance of revenue bonds. Revenue refunding bonds issued underthis section may be sold or exchanged for outstanding bonds issued under thisArticle. If sold, in addition to any other authorized purpose, the proceeds maybe deposited in an escrow or other trust fund and invested, in whole or inpart, and with the earnings from the investments, may be applied to thepurchase or to the redemption prior to, or to payment at maturity, ofoutstanding bonds, all as provided by resolution or in trust agreement securingthe bonds. (1967, c. 1177;1971, c. 392, ss. 5‑7; 1979, c. 165, s. 6.)
The Authority is hereby authorized to provide for the issuance, at onetime or from time to time, of revenue bonds of the Authority in such principalamounts as the Board of Directors shall determine to be necessary. The bondsshall be designated, subject to such additions or changes as the Authoritydeems advisable, "State Education Assistance Authority Revenue Bonds,Series____," inserting in the blank space a letter identifying theparticular series of bonds.
The principal of and the interest on such bonds shall be payable solelyfrom the funds herein provided for such payment. The bonds of each issue shallbe dated, shall bear interest at such rate or rates, shall mature at such timeor times not exceeding 30 years from their date or dates, as may be determinedby the Authority, and may be made redeemable before maturity, at the option ofthe Authority, at such price or prices and under such terms and conditions asmay be fixed by the Authority prior to the issuance of the bonds. Prior to thepreparation of definitive bonds, the Authority may, under like restrictions,issue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when such bonds shall have been executed andare available for delivery. The Authority may also provide for the replacementof any bonds which shall become mutilated or shall be destroyed or lost. TheAuthority shall determine the form and the manner of execution of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company within orwithout the State. In case any officer whose signature or a facsimile of whosesignature shall appear on any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he had remainedin office until such delivery. The Authority may also provide for theauthentication of the bonds by a fiscal agent. The bonds may be issued incoupon or in registered form, or both, as the Authority may determine, andprovision may be made for the registration of any coupon bonds as to principalalone and also as to both principal and interest, and for the reconversion intocoupon bonds of any bonds registered as to both principal and interest, and forthe interchange of registered and coupon bonds. The Authority may sell suchbonds in such manner, either at public or private sale, and for such price asit may determine will best effectuate the purposes of this Article.
The Authority is authorized to provide in any resolution authorizingthe issuance of bonds for pledging or assigning as security for its revenuebonds, subject to any prior pledge or assignment, and for deposit to the creditof the sinking fund, any or all of its income, receipts, funds or other assets,exclusive of bond proceeds and other funds required to be deposited to thecredit of the Loan Fund, of whatsoever kind from time to time acquired or ownedby the Authority, including all donations, grants and other money or propertymade available to it, payments received on student loans, such as principal,interest and penalties, if any, premiums on student loan insurance, fees,charges and other income derived from services rendered or otherwise, proceedsof property or insurance, earnings and profits on investments of funds and fromsales, purchases, endorsements or guarantees of obligations, as defined in G.S.116‑201 hereof, and other securities and instruments, contract rights,any funds, rights, insurance or other benefits acquired pursuant to any federallaw or contract to the extent not in conflict therewith, money recoveredthrough the enforcement of any remedies or rights, and any other funds orthings of value which in the determination of the Authority may enhance themarketability of its revenue bonds. Money in the sinking fund shall bedisbursed in such manner and under such restrictions as the Authority mayprovide in the resolution authorizing the issuance of such bonds. Unlessotherwise provided in the bond resolution, the revenue bonds at any time issuedhereunder shall be entitled to payment from the sinking fund without preferenceor priority of the bonds first issued. Bonds may be issued under the provisionsof this Article without obtaining, except as otherwise expressly provided inthis Article, the consent of any department, division, commission, board, body,bureau or agency of the State, and without any other proceedings or thehappening of any conditions or things other than those proceedings, conditionsor things which are specifically required by this Article and the provisions ofthe resolution authorizing the issuance of such bonds.
The Authority is authorized to provide by resolution or in any trustagreement for the issuance of revenue refunding bonds of the Authority for thepurpose of refunding, or advance refunding and paying, any bonds thenoutstanding, which have been issued under the provisions of this Article,including the payment of any redemption premium and of any interest accrued orto accrue up to the date of redemption of the bonds, and, if deemed advisableby the Authority, for making student loans or acquiring obligations under thisArticle. The issuance of the revenue refunding bonds, the maturities and otherdetails, the rights of the holders and the rights, duties and obligations ofthe Authority, shall be governed by the appropriate provisions of this Articlerelating to the issuance of revenue bonds. Revenue refunding bonds issued underthis section may be sold or exchanged for outstanding bonds issued under thisArticle. If sold, in addition to any other authorized purpose, the proceeds maybe deposited in an escrow or other trust fund and invested, in whole or inpart, and with the earnings from the investments, may be applied to thepurchase or to the redemption prior to, or to payment at maturity, ofoutstanding bonds, all as provided by resolution or in trust agreement securingthe bonds. (1967, c. 1177;1971, c. 392, ss. 5‑7; 1979, c. 165, s. 6.)
The Authority is hereby authorized to provide for the issuance, at onetime or from time to time, of revenue bonds of the Authority in such principalamounts as the Board of Directors shall determine to be necessary. The bondsshall be designated, subject to such additions or changes as the Authoritydeems advisable, "State Education Assistance Authority Revenue Bonds,Series____," inserting in the blank space a letter identifying theparticular series of bonds.
The principal of and the interest on such bonds shall be payable solelyfrom the funds herein provided for such payment. The bonds of each issue shallbe dated, shall bear interest at such rate or rates, shall mature at such timeor times not exceeding 30 years from their date or dates, as may be determinedby the Authority, and may be made redeemable before maturity, at the option ofthe Authority, at such price or prices and under such terms and conditions asmay be fixed by the Authority prior to the issuance of the bonds. Prior to thepreparation of definitive bonds, the Authority may, under like restrictions,issue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when such bonds shall have been executed andare available for delivery. The Authority may also provide for the replacementof any bonds which shall become mutilated or shall be destroyed or lost. TheAuthority shall determine the form and the manner of execution of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company within orwithout the State. In case any officer whose signature or a facsimile of whosesignature shall appear on any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he had remainedin office until such delivery. The Authority may also provide for theauthentication of the bonds by a fiscal agent. The bonds may be issued incoupon or in registered form, or both, as the Authority may determine, andprovision may be made for the registration of any coupon bonds as to principalalone and also as to both principal and interest, and for the reconversion intocoupon bonds of any bonds registered as to both principal and interest, and forthe interchange of registered and coupon bonds. The Authority may sell suchbonds in such manner, either at public or private sale, and for such price asit may determine will best effectuate the purposes of this Article.
The Authority is authorized to provide in any resolution authorizingthe issuance of bonds for pledging or assigning as security for its revenuebonds, subject to any prior pledge or assignment, and for deposit to the creditof the sinking fund, any or all of its income, receipts, funds or other assets,exclusive of bond proceeds and other funds required to be deposited to thecredit of the Loan Fund, of whatsoever kind from time to time acquired or ownedby the Authority, including all donations, grants and other money or propertymade available to it, payments received on student loans, such as principal,interest and penalties, if any, premiums on student loan insurance, fees,charges and other income derived from services rendered or otherwise, proceedsof property or insurance, earnings and profits on investments of funds and fromsales, purchases, endorsements or guarantees of obligations, as defined in G.S.116‑201 hereof, and other securities and instruments, contract rights,any funds, rights, insurance or other benefits acquired pursuant to any federallaw or contract to the extent not in conflict therewith, money recoveredthrough the enforcement of any remedies or rights, and any other funds orthings of value which in the determination of the Authority may enhance themarketability of its revenue bonds. Money in the sinking fund shall bedisbursed in such manner and under such restrictions as the Authority mayprovide in the resolution authorizing the issuance of such bonds. Unlessotherwise provided in the bond resolution, the revenue bonds at any time issuedhereunder shall be entitled to payment from the sinking fund without preferenceor priority of the bonds first issued. Bonds may be issued under the provisionsof this Article without obtaining, except as otherwise expressly provided inthis Article, the consent of any department, division, commission, board, body,bureau or agency of the State, and without any other proceedings or thehappening of any conditions or things other than those proceedings, conditionsor things which are specifically required by this Article and the provisions ofthe resolution authorizing the issuance of such bonds.
The Authority is authorized to provide by resolution or in any trustagreement for the issuance of revenue refunding bonds of the Authority for thepurpose of refunding, or advance refunding and paying, any bonds thenoutstanding, which have been issued under the provisions of this Article,including the payment of any redemption premium and of any interest accrued orto accrue up to the date of redemption of the bonds, and, if deemed advisableby the Authority, for making student loans or acquiring obligations under thisArticle. The issuance of the revenue refunding bonds, the maturities and otherdetails, the rights of the holders and the rights, duties and obligations ofthe Authority, shall be governed by the appropriate provisions of this Articlerelating to the issuance of revenue bonds. Revenue refunding bonds issued underthis section may be sold or exchanged for outstanding bonds issued under thisArticle. If sold, in addition to any other authorized purpose, the proceeds maybe deposited in an escrow or other trust fund and invested, in whole or inpart, and with the earnings from the investments, may be applied to thepurchase or to the redemption prior to, or to payment at maturity, ofoutstanding bonds, all as provided by resolution or in trust agreement securingthe bonds. (1967, c. 1177;1971, c. 392, ss. 5‑7; 1979, c. 165, s. 6.)
