§ 16-62-6 - Additional general powers. - Rhode Island Statutes

SECTION 16-62-6

   § 16-62-6  Additional general powers.– In addition to the powers enumerated in § 16-62-5, the authority shallhave the power:

   (1) To lend money to students and to parents of students forthe purpose of assisting the students in obtaining an education in an eligibleinstitution, including refinancing or consolidating obligations previouslyincurred by a student or a parent with other lending sources for this purposeand participating in loans to students or parents for this purpose with otherlending sources.

   (2) To make, acquire, take, or purchase eligible loans andeducation loans with the proceeds of bonds or notes or any other funds of theauthority available for it or any interest or participation in it, in anyamount, at any price or prices, and upon any terms and conditions as theauthority will determine.

   (3) To sell eligible loans held by the authority togovernmental or private financial institutions, or to borrow from thosefinancial institutions against the security of these eligible loans in anyamounts, at any price or prices, and upon any terms and conditions as theauthority shall determine.

   (4) To procure insurance of every nature or to enter intoagreements with eligible institutions to protect the authority against losseswhich may be incurred in connection with its property, assets, activities, orthe exercise of the powers granted under this chapter.

   (5) Subject to a contract with the holders of its bonds ornotes, or a contract with the recipient of an eligible loan, when the authoritydeems it necessary or desirable, to consent to the modification, with respectto security, rate of interest, time of payment of interest or principal, or anyother term of a bond or note, contract, or agreement between the authority andthe recipient or maker of a loan, bond, or note holder, or agency orinstitution guaranteeing the repayment, purchasing, or selling of an eligibleloan.

   (6) To engage the services of consultants on a contract basisfor rendering professional and technical assistance and advice, and to employattorneys, accountants, financial experts, and any other advisors, consultants,and agents that may be necessary in its judgment, and to fix their compensation.

   (7) To contract for and to accept any gifts, grants, loans,funds, property (real or personal), or financial or other assistance in anyform from the United States or any agency or instrumentality of it or from thestate or any agency or instrumentality of it or from any other source, and tocomply, subject to the provisions of this chapter, with the terms andconditions of it.

   (8) To borrow money and to issue bonds and notes and toprovide for the rights of the holders of these, and to secure the bonds andnotes by assignment, pledge, or granting of a security interest in itsproperty, including without limitation all or a part of its interest ineligible loans, education loans, or agreements with eligible institutions withregard to these for the purpose of providing funds to effectuate its purposesunder this chapter including the financing of eligible loans or education loansor for the purpose of refunding any bonds previously issued.

   (9) To prescribe rules and regulations deemed necessary ordesirable to carry out the purposes of this chapter, including withoutlimitation rules and regulations: (i) to ensure compliance by the authoritywith the requirements imposed by statutes or regulations governing theguaranty, insurance, purchase, or other dealing in eligible loans by federalagencies, instrumentalities, or corporations, and (ii) to set standards ofeligibility for educational institutions, students, and lenders and to defineresidency and all other terms as the authority deems necessary to carry out thepurposes of this chapter.

   (10) To establish penalties for violations of any order,rule, or regulation of the authority, and a method for enforcing the orders,rules, and regulations.

   (11) To set and collect fees and charges in connection withits eligible loans, commitments, and servicing, including without limitationreimbursement of the costs of financing by the authority, service charges,insurance premiums, and costs incurred by the authority in carrying out itscorporate purposes.

   (12) To create and establish any other fund or funds that maybe necessary or desirable for its corporate purposes.