§ 45-38.1-11 Revenues. – (a) The corporation is authorized to fix, revise, charge, and collect rates,rents, fees, and charges for the use of and for the services furnished by eachproject, and to contract with any person, partnership, association, orcorporation, or other body, public or private, in this respect. The rates,rents, fees, and charges shall be fixed and adjusted in respect of theaggregate of rates, rents, fees, and charges from the project so as to providefunds sufficient with other revenues, if any: (1) To pay the cost ofmaintaining, repairing, and operating the project and each and every portion ofit, to the extent that the corporation has not adequately provided for thepayment of the cost; (2) to pay the principal of and the interest onoutstanding revenue bonds of the corporation issued in respect of the projectas the bonds become due and payable; and (3) to create and maintain reservesrequired or provided for in any resolution authorizing, or trust agreementsecuring, the revenue bonds of the corporation. The rates, rents, fees, andcharges are not subject to supervision or regulation by any department,commission, board, body, bureau, or agency of the state other than thecorporation. A sufficient amount of the revenues as may be necessary to pay thecost of maintenance, repair, and operation and to provide reserves and forrenewals, replacements, extensions, enlargements, and improvements as may beprovided for in the resolution authorizing the issuance of any revenue bonds ofthe corporation or in the trust agreement securing the revenue bond, shall beset aside at regular intervals as may be provided for in the resolution ortrust agreement in a sinking or other similar fund which is pledged to, andcharged with, the payment of the principal of and the interest on the revenuebonds as the revenue bonds become due, and the redemption price or the purchaseprice of bonds retired by call or purchase as provided in the resolution ortrust agreement. The pledge is valid and binding from the time when the pledgeis made; the rates, rents, fees, and charges and other revenue or other moneyspledged and thereafter received by the corporation immediately subject to thelien of the pledge without any physical delivery or further act, and the lienof the pledge valid and binding against all parties having claims of any kindin tort, contract, or otherwise against the corporation, irrespective ofwhether the parties have notice thereof. Neither the resolution nor any trustagreement, nor any other agreement, nor any lease by which a pledge is created,need be filed or recorded except in the records of the corporation. The use anddisposition of moneys to the credit of a sinking or other similar fund aresubject to the provisions of the resolution authorizing the issuance of thebonds or of the trust agreement. Except as may otherwise be provided in theresolution or the trust agreement, the sinking or other similar fund may be afund for all the bonds issued to finance projects, as a particular institutionfor higher education or a particular health care provider, without distinctionor priority of one over another; provided, that the corporation in theresolution or trust agreement may provide that the sinking or other similarfund is the fund for a particular project at an institution for highereducation or a health care provider and for the bonds issued to finance aparticular project, and may, additionally, permit and provide for the issuanceof bonds having a subordinate lien in respect of the security authorized inthis chapter to other bonds of the corporation and, in that case, thecorporation may create separate sinking or other similar funds in respect ofthe subordinate lien bonds.
(b) In connection with any education loan program, thecorporation shall fix, revise, charge, and collect fees, and is empowered tocontract with any person, partnership, association, or corporation, or otherbody, public or private, in this respect. Each agreement entered into by thecorporation with a participating institution or institutions for highereducation shall provide that the fees and other amounts payable by theinstitution or institutions with respect to any program or programs of thecorporation are sufficient: (1) to pay its or their share of the administrativecosts and expenses of the program; (2) to pay the principal of, the premium, ifany, and the interest on outstanding bonds or notes of the corporation issuedin respect of the program to the extent that other revenues of the corporationpledged for the payment of the bonds or notes are insufficient to pay the bondsor notes as they become due and payable; (3) to create and maintain reserveswhich may, but need not be, required or provided for in the bond resolutionrelating to the bonds or notes of the corporation; and (4) to establish andmaintain whatever education loan servicing, control, or audit procedures aredeemed necessary to the operations of the corporation.
The corporation shall pledge the revenues from each program,as described in § 45-38.1-9(d)(1), as security for the issue of bonds ornotes relating to the program. The pledge is valid and binding from the timewhen the pledge is made; the revenues so pledged by the corporation shallimmediately be subject to the lien of the pledge without any physical deliveryor further act, and the lien of the pledge is valid and binding against allparties having claims of any kind in tort, contract, or otherwise against thecorporation or any participating institution for higher education, whether theparties have notice. Neither the bond resolution nor any financing statement,continuation statement, or other instrument by which a pledge or securityinterest is created or by which the corporation's interest in revenues isassigned need be filed in any public records in order to perfect the securityinterest or lien against third parties, except in the records of thecorporation. The use and disposition of monies to the credit of a sinking orother similar fund are subject to the provisions of the resolution authorizingthe issuance of the bonds or notes or of the trust agreement. Except asprovided in the resolution, or the trust agreement, the sinking or othersimilar fund shall be a fund for all revenue bonds or notes issued to financean educational program or programs at one or more participating institutionsfor higher education, without distinction or priority of one over another;provided, that the corporation in the resolution or trust agreement may providethat the sinking or other similar fund is the fund for a particular educationalprogram or programs at a participating institution or institutions for highereducation and for the revenue bonds or notes issued to finance a particulareducational program or programs, and may, additionally, permit and provide forthe issuance of revenue bonds or notes having a subordinate lien in respect ofthe security authorized in this chapter, to other revenue bonds or notes of thecorporation and, in that case, the corporation may create separate or othersimilar funds in respect of the subordinate lien bonds or notes.
§ 45-38.1-11 Revenues. – (a) The corporation is authorized to fix, revise, charge, and collect rates,rents, fees, and charges for the use of and for the services furnished by eachproject, and to contract with any person, partnership, association, orcorporation, or other body, public or private, in this respect. The rates,rents, fees, and charges shall be fixed and adjusted in respect of theaggregate of rates, rents, fees, and charges from the project so as to providefunds sufficient with other revenues, if any: (1) To pay the cost ofmaintaining, repairing, and operating the project and each and every portion ofit, to the extent that the corporation has not adequately provided for thepayment of the cost; (2) to pay the principal of and the interest onoutstanding revenue bonds of the corporation issued in respect of the projectas the bonds become due and payable; and (3) to create and maintain reservesrequired or provided for in any resolution authorizing, or trust agreementsecuring, the revenue bonds of the corporation. The rates, rents, fees, andcharges are not subject to supervision or regulation by any department,commission, board, body, bureau, or agency of the state other than thecorporation. A sufficient amount of the revenues as may be necessary to pay thecost of maintenance, repair, and operation and to provide reserves and forrenewals, replacements, extensions, enlargements, and improvements as may beprovided for in the resolution authorizing the issuance of any revenue bonds ofthe corporation or in the trust agreement securing the revenue bond, shall beset aside at regular intervals as may be provided for in the resolution ortrust agreement in a sinking or other similar fund which is pledged to, andcharged with, the payment of the principal of and the interest on the revenuebonds as the revenue bonds become due, and the redemption price or the purchaseprice of bonds retired by call or purchase as provided in the resolution ortrust agreement. The pledge is valid and binding from the time when the pledgeis made; the rates, rents, fees, and charges and other revenue or other moneyspledged and thereafter received by the corporation immediately subject to thelien of the pledge without any physical delivery or further act, and the lienof the pledge valid and binding against all parties having claims of any kindin tort, contract, or otherwise against the corporation, irrespective ofwhether the parties have notice thereof. Neither the resolution nor any trustagreement, nor any other agreement, nor any lease by which a pledge is created,need be filed or recorded except in the records of the corporation. The use anddisposition of moneys to the credit of a sinking or other similar fund aresubject to the provisions of the resolution authorizing the issuance of thebonds or of the trust agreement. Except as may otherwise be provided in theresolution or the trust agreement, the sinking or other similar fund may be afund for all the bonds issued to finance projects, as a particular institutionfor higher education or a particular health care provider, without distinctionor priority of one over another; provided, that the corporation in theresolution or trust agreement may provide that the sinking or other similarfund is the fund for a particular project at an institution for highereducation or a health care provider and for the bonds issued to finance aparticular project, and may, additionally, permit and provide for the issuanceof bonds having a subordinate lien in respect of the security authorized inthis chapter to other bonds of the corporation and, in that case, thecorporation may create separate sinking or other similar funds in respect ofthe subordinate lien bonds.
(b) In connection with any education loan program, thecorporation shall fix, revise, charge, and collect fees, and is empowered tocontract with any person, partnership, association, or corporation, or otherbody, public or private, in this respect. Each agreement entered into by thecorporation with a participating institution or institutions for highereducation shall provide that the fees and other amounts payable by theinstitution or institutions with respect to any program or programs of thecorporation are sufficient: (1) to pay its or their share of the administrativecosts and expenses of the program; (2) to pay the principal of, the premium, ifany, and the interest on outstanding bonds or notes of the corporation issuedin respect of the program to the extent that other revenues of the corporationpledged for the payment of the bonds or notes are insufficient to pay the bondsor notes as they become due and payable; (3) to create and maintain reserveswhich may, but need not be, required or provided for in the bond resolutionrelating to the bonds or notes of the corporation; and (4) to establish andmaintain whatever education loan servicing, control, or audit procedures aredeemed necessary to the operations of the corporation.
The corporation shall pledge the revenues from each program,as described in § 45-38.1-9(d)(1), as security for the issue of bonds ornotes relating to the program. The pledge is valid and binding from the timewhen the pledge is made; the revenues so pledged by the corporation shallimmediately be subject to the lien of the pledge without any physical deliveryor further act, and the lien of the pledge is valid and binding against allparties having claims of any kind in tort, contract, or otherwise against thecorporation or any participating institution for higher education, whether theparties have notice. Neither the bond resolution nor any financing statement,continuation statement, or other instrument by which a pledge or securityinterest is created or by which the corporation's interest in revenues isassigned need be filed in any public records in order to perfect the securityinterest or lien against third parties, except in the records of thecorporation. The use and disposition of monies to the credit of a sinking orother similar fund are subject to the provisions of the resolution authorizingthe issuance of the bonds or notes or of the trust agreement. Except asprovided in the resolution, or the trust agreement, the sinking or othersimilar fund shall be a fund for all revenue bonds or notes issued to financean educational program or programs at one or more participating institutionsfor higher education, without distinction or priority of one over another;provided, that the corporation in the resolution or trust agreement may providethat the sinking or other similar fund is the fund for a particular educationalprogram or programs at a participating institution or institutions for highereducation and for the revenue bonds or notes issued to finance a particulareducational program or programs, and may, additionally, permit and provide forthe issuance of revenue bonds or notes having a subordinate lien in respect ofthe security authorized in this chapter, to other revenue bonds or notes of thecorporation and, in that case, the corporation may create separate or othersimilar funds in respect of the subordinate lien bonds or notes.
§ 45-38.1-11 Revenues. – (a) The corporation is authorized to fix, revise, charge, and collect rates,rents, fees, and charges for the use of and for the services furnished by eachproject, and to contract with any person, partnership, association, orcorporation, or other body, public or private, in this respect. The rates,rents, fees, and charges shall be fixed and adjusted in respect of theaggregate of rates, rents, fees, and charges from the project so as to providefunds sufficient with other revenues, if any: (1) To pay the cost ofmaintaining, repairing, and operating the project and each and every portion ofit, to the extent that the corporation has not adequately provided for thepayment of the cost; (2) to pay the principal of and the interest onoutstanding revenue bonds of the corporation issued in respect of the projectas the bonds become due and payable; and (3) to create and maintain reservesrequired or provided for in any resolution authorizing, or trust agreementsecuring, the revenue bonds of the corporation. The rates, rents, fees, andcharges are not subject to supervision or regulation by any department,commission, board, body, bureau, or agency of the state other than thecorporation. A sufficient amount of the revenues as may be necessary to pay thecost of maintenance, repair, and operation and to provide reserves and forrenewals, replacements, extensions, enlargements, and improvements as may beprovided for in the resolution authorizing the issuance of any revenue bonds ofthe corporation or in the trust agreement securing the revenue bond, shall beset aside at regular intervals as may be provided for in the resolution ortrust agreement in a sinking or other similar fund which is pledged to, andcharged with, the payment of the principal of and the interest on the revenuebonds as the revenue bonds become due, and the redemption price or the purchaseprice of bonds retired by call or purchase as provided in the resolution ortrust agreement. The pledge is valid and binding from the time when the pledgeis made; the rates, rents, fees, and charges and other revenue or other moneyspledged and thereafter received by the corporation immediately subject to thelien of the pledge without any physical delivery or further act, and the lienof the pledge valid and binding against all parties having claims of any kindin tort, contract, or otherwise against the corporation, irrespective ofwhether the parties have notice thereof. Neither the resolution nor any trustagreement, nor any other agreement, nor any lease by which a pledge is created,need be filed or recorded except in the records of the corporation. The use anddisposition of moneys to the credit of a sinking or other similar fund aresubject to the provisions of the resolution authorizing the issuance of thebonds or of the trust agreement. Except as may otherwise be provided in theresolution or the trust agreement, the sinking or other similar fund may be afund for all the bonds issued to finance projects, as a particular institutionfor higher education or a particular health care provider, without distinctionor priority of one over another; provided, that the corporation in theresolution or trust agreement may provide that the sinking or other similarfund is the fund for a particular project at an institution for highereducation or a health care provider and for the bonds issued to finance aparticular project, and may, additionally, permit and provide for the issuanceof bonds having a subordinate lien in respect of the security authorized inthis chapter to other bonds of the corporation and, in that case, thecorporation may create separate sinking or other similar funds in respect ofthe subordinate lien bonds.
(b) In connection with any education loan program, thecorporation shall fix, revise, charge, and collect fees, and is empowered tocontract with any person, partnership, association, or corporation, or otherbody, public or private, in this respect. Each agreement entered into by thecorporation with a participating institution or institutions for highereducation shall provide that the fees and other amounts payable by theinstitution or institutions with respect to any program or programs of thecorporation are sufficient: (1) to pay its or their share of the administrativecosts and expenses of the program; (2) to pay the principal of, the premium, ifany, and the interest on outstanding bonds or notes of the corporation issuedin respect of the program to the extent that other revenues of the corporationpledged for the payment of the bonds or notes are insufficient to pay the bondsor notes as they become due and payable; (3) to create and maintain reserveswhich may, but need not be, required or provided for in the bond resolutionrelating to the bonds or notes of the corporation; and (4) to establish andmaintain whatever education loan servicing, control, or audit procedures aredeemed necessary to the operations of the corporation.
The corporation shall pledge the revenues from each program,as described in § 45-38.1-9(d)(1), as security for the issue of bonds ornotes relating to the program. The pledge is valid and binding from the timewhen the pledge is made; the revenues so pledged by the corporation shallimmediately be subject to the lien of the pledge without any physical deliveryor further act, and the lien of the pledge is valid and binding against allparties having claims of any kind in tort, contract, or otherwise against thecorporation or any participating institution for higher education, whether theparties have notice. Neither the bond resolution nor any financing statement,continuation statement, or other instrument by which a pledge or securityinterest is created or by which the corporation's interest in revenues isassigned need be filed in any public records in order to perfect the securityinterest or lien against third parties, except in the records of thecorporation. The use and disposition of monies to the credit of a sinking orother similar fund are subject to the provisions of the resolution authorizingthe issuance of the bonds or notes or of the trust agreement. Except asprovided in the resolution, or the trust agreement, the sinking or othersimilar fund shall be a fund for all revenue bonds or notes issued to financean educational program or programs at one or more participating institutionsfor higher education, without distinction or priority of one over another;provided, that the corporation in the resolution or trust agreement may providethat the sinking or other similar fund is the fund for a particular educationalprogram or programs at a participating institution or institutions for highereducation and for the revenue bonds or notes issued to finance a particulareducational program or programs, and may, additionally, permit and provide forthe issuance of revenue bonds or notes having a subordinate lien in respect ofthe security authorized in this chapter, to other revenue bonds or notes of thecorporation and, in that case, the corporation may create separate or othersimilar funds in respect of the subordinate lien bonds or notes.
