37-145-7 - Mississippi Opportunity Loan Fund. - Mississippi Statutes

§ 37-145-7. Mississippi Opportunity Loan Fund.
 

(1)  There is hereby created a special fund of the company to be known as the "Mississippi Opportunity Loan Fund." The fund shall consist of amounts paid into the fund by donations from private sources, by legislative appropriation, from the proceeds of the issuance of bonds or from any other source. All of the earnings on the investment of monies in the fund shall be credited to the fund. 

(2)  The monies in the fund shall be used to increase the educational opportunities of students by providing low interest rate loans to assist Mississippi students in furthering their higher education goals. 

(3)  The Mississippi Opportunity Loan Fund shall be maintained by the company. The company is authorized to maintain such fund in an official state depository, and, in accordance with Section 27-105-21, shall invest such funds at interests as required by said section, said depository so selected shall be capable of serving as Trustee for the Mississippi Opportunity Loan Fund. 
 

Sources: Laws,  1992, ch. 475, § 4, eff from and after passage (approved May 6, 1992).