SECTIONS 94100-94103 - California Statutes

EDUCATION CODE

SECTION 94100-94103

94100. It is the purpose of this chapter to accomplish all of the
following:
(a) To give this and future generations of youth the fullest
opportunity to learn and develop their intellectual and mental
capacities by providing private institutions of higher education
within the state with an additional means by which to expand,
enlarge, and establish dormitory, academic, and related facilities,
to finance those facilities, and to refinance existing facilities.
(b) To provide private and public institutions of higher education
within the state with an additional means to assist students in
financing their costs of attendance.
(c) To develop student, faculty, and staff housing on or near
public and participating private institutions of higher education
through the use of agreements with participating nonprofit entities.
(d) To make grants to private institutions of higher education to
assist students in preparing for higher education and college
entrance, pursuant to Article 9 (commencing with Section 94215).

94101. This chapter shall be known and may be cited as the
California Educational Facilities Authority Act.

94102. All assets and obligations of the California Student Loan
Authority, as of the effective date of the act that enacts this
section during the 1995-96 Regular Session, are hereby transferred
to, and assumed by, the California Educational Facilities Authority.
All of those assets shall be used solely for student loan purposes.

94103. (a) Notwithstanding any other provision of law, no city,
county, city and county, district, or other local jurisdiction shall
operate, or request or authorize another entity, including, but not
necessarily limited to, a corporation, either directly or through an
intermediary, to do either of the following:
(1) Finance, or purchase or take assignments of, or make
commitments to finance, any loan, or otherwise acquire any student
loan note, including, but not necessarily limited to, any loan
guaranteed under the Federal Family Education Loan Program
established under Title IV of the federal Higher Education Act of
1965, that is made to finance or refinance the costs of attendance at
any institution of higher education, including any public and
nonprofit private or independent degree-granting educational
institution.
(2) Issue bonds, notes, debentures, or other securities involving
any loan, including, but not necessarily limited to, any loan
guaranteed under the Federal Family Education Loan Program
established under Title IV of the federal Higher Education Act of
1965, that is made to finance or refinance the costs of attendance at
any institution of higher education, including any public and
nonprofit private or independent degree-granting educational
institution.
(b) Any entity that, as of January 1, 2006, is not qualified to be
awarded an allocation of the state's annual private activity volume
cap to issue qualified scholarship funding bonds, as defined in
subsection (d) of Section 150 of Title 26 of the United States Code
as it exists on January 1, 2006, shall obtain approval from the
authority to operate as a qualified scholarship funding corporation
within the meaning of subsection (d) of Section 150 of Title 26 of
the United States Code as it exists on January 1, 2006.