§ 45-38.1-5.3 - Conveyance of loan funding deposit after payment of bonds. - Rhode-island Statutes

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SECTION 45-38.1-5.3

§ 45-38.1-5.3 Conveyance of loan fundingdeposit after payment of bonds. – When the principal of, interest on, and premium, if any, due in connection withbonds or notes of the corporation issued to finance the cost of an educationloan financing program or programs, including any refunding bonds or notesissued to refund and refinance those bonds or notes have been fully paid andretired, or when adequate provision has been made to fully pay and retire thebonds or notes, and all other conditions of the bond or note resolutionauthorizing the bonds or notes, have been satisfied and the security interestor lien created by the bond or note resolution has been released in accordancewith the provisions of the resolution, the corporation shall promptly do thosethings and execute deeds and conveyances that are necessary and required toconvey any remaining monies, properties, and other assets, comprising loanfunding deposits, to the participating institutions for higher education whichfurnished the monies, properties, and other assets in proportion to the amountsfurnished by the respective participating institutions for higher education.

State Codes and Statutes

Statutes > Rhode-island > Title-45 > Chapter-45-38-1 > 45-38-1-5-3

SECTION 45-38.1-5.3

§ 45-38.1-5.3 Conveyance of loan fundingdeposit after payment of bonds. – When the principal of, interest on, and premium, if any, due in connection withbonds or notes of the corporation issued to finance the cost of an educationloan financing program or programs, including any refunding bonds or notesissued to refund and refinance those bonds or notes have been fully paid andretired, or when adequate provision has been made to fully pay and retire thebonds or notes, and all other conditions of the bond or note resolutionauthorizing the bonds or notes, have been satisfied and the security interestor lien created by the bond or note resolution has been released in accordancewith the provisions of the resolution, the corporation shall promptly do thosethings and execute deeds and conveyances that are necessary and required toconvey any remaining monies, properties, and other assets, comprising loanfunding deposits, to the participating institutions for higher education whichfurnished the monies, properties, and other assets in proportion to the amountsfurnished by the respective participating institutions for higher education.

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State Codes and Statutes

Statutes > Rhode-island > Title-45 > Chapter-45-38-1 > 45-38-1-5-3

SECTION 45-38.1-5.3

§ 45-38.1-5.3 Conveyance of loan fundingdeposit after payment of bonds. – When the principal of, interest on, and premium, if any, due in connection withbonds or notes of the corporation issued to finance the cost of an educationloan financing program or programs, including any refunding bonds or notesissued to refund and refinance those bonds or notes have been fully paid andretired, or when adequate provision has been made to fully pay and retire thebonds or notes, and all other conditions of the bond or note resolutionauthorizing the bonds or notes, have been satisfied and the security interestor lien created by the bond or note resolution has been released in accordancewith the provisions of the resolution, the corporation shall promptly do thosethings and execute deeds and conveyances that are necessary and required toconvey any remaining monies, properties, and other assets, comprising loanfunding deposits, to the participating institutions for higher education whichfurnished the monies, properties, and other assets in proportion to the amountsfurnished by the respective participating institutions for higher education.