§ 116-209.3. Additional powers. - North Carolina Statutes

§ 116‑209.3. Additional powers.

The Authority is authorized to develop and administer programs andperform all functions necessary or convenient to promote and facilitate themaking and insuring of student loans and providing such other student loanassistance and services as the Authority shall deem necessary or desirable forcarrying out the purposes of this Article and for qualifying for loans, grants,insurance and other benefits and assistance under any program of the UnitedStates now or hereafter authorized fostering student loans. There shall beestablished and maintained a trust fund which shall be designated "StateEducation Assistance Authority Loan Fund" (the "Loan Fund")which may be used by the Authority in making student loans directly or throughagents or independent contractors, insuring student loans, acquiring,purchasing, endorsing or guaranteeing promissory notes, contracts, obligationsor other legal instruments evidencing student loans made by banks, educationalinstitutions, nonprofit corporations or other eligible lenders, and fordefraying the expenses of operation and administration of the Authority forwhich other funds are not available to the Authority. There shall be depositedto the credit of such Loan Fund the proceeds (exclusive of accrued interest)derived from the sale of its revenue bonds by the Authority and any othermoneys made available to the Authority for the making or insuring of studentloans or the purchase of obligations. There shall also be deposited to the creditof the Loan Fund surplus funds from time to time transferred by the Authorityfrom the sinking fund. Such Loan Fund shall be maintained as a revolving fund.There is also deposited to the credit of the Loan Fund the income derived fromthe investment or deposit of the Escheat Fund distributed to the Authoritypursuant to G.S. 116B‑7. The income shall be held, administered andapplied by the Authority as provided in any resolution adopted or trustagreement approved by the Authority, subject to the provisions of Chapter 116Bof the General Statutes and this Article.

In lieu of or in addition to the Loan Fund, the Authority may providein any resolution authorizing the issuance of bonds or any trust agreementsecuring such bonds that any other trust funds or accounts may be establishedas may be deemed necessary or convenient for securing the bonds or for makingstudent loans, acquiring obligations or otherwise carrying out its other powersunder this Article, and there may be deposited to the credit of any such fundor account proceeds of bonds or other money available to the Authority for thepurposes to be served by such fund or account. (1967, c. 1177; 1971, c. 392, s. 4; 1979, c. 165, s.5; 1987, c. 227, s. 6; 1999‑460, s. 12.)