§ 116-209.2. Reserves. - North Carolina Statutes

§ 116‑209.2. Reserves.

The Authority may provide in any resolution authorizing the issuance ofbonds or any trust agreement securing any bonds that proceeds of such bonds maybe used to establish reserve accounts in any trustee or banking institution orotherwise as determined by the Authority, for securing such bonds andfacilitating the making of student loans and acquiring student obligations, toprovide for the payment of interest on such bonds for such period of time asthe Authority shall determine, and for such other purposes as will facilitatethe issuance of bonds at rates of interest and upon terms deemed reasonable bythe Authority and will, in the Authority's judgment, facilitate carrying outthe purposes of this Article. (1967, c. 1177; 1971, c. 392, s. 3.)