Texas Education Code
§ 53B.47 — GUARANTEED STUDENT LOANS AND ALTERNATIVE EDUCATION LOANS; BONDS FOR THE PURCHASE OF EDUCATION LOAN NOTES
ED § 53B.47Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 53B. HIGHER EDUCATION LOAN AUTHORITIES · Art. C. POWERS AND DUTIES
Statute text
View on source(a)An authority may, upon approval of the city or cities which created the same, issue revenue bonds or otherwise borrow money to obtain funds to purchase or to make guaranteed student loans or alternative education loans. Revenue bonds issued for such purpose shall be issued in accordance with and with the effect provided in this chapter. Such bonds shall be payable from and secured by a pledge of revenues derived from or by reason of the ownership of guaranteed student loans or alternative education loans and investment income after deduction of such expenses of operating the loan program as may be specified by the bond resolution or trust indenture.
(b)An authority may cause money to be expended to make or purchase for its account guaranteed student loans that are guaranteed by the Texas Guaranteed Student Loan Corporation, other guaranteed student loans, or alternative education loans that are executed by or on behalf of students or former students who:
(1)are residents of this state; or
(2)have been admitted to attend or who attended an accredited institution within this state.
(c)The authority shall contract with a nonprofit corporation, organized under the laws of this state, whereby such corporation will provide the reports and other information required for continued participation in the federally guaranteed loan program provided by the Higher Education Act of 1965, as amended, or in an alternative education loan program.
(d)The authority, as a municipal corporation of the state, is charged with a portion of the responsibility of the state to provide educational opportunities in keeping with all applicable state and federal laws. This section may not be construed as a prohibition against establishing policies to limit the purchase of guaranteed student loans or alternative education loans executed by or on behalf of students or former students who are attending or who attended school in a certain geographical area or by or on behalf of students or former students who are residents of the area.
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Legislative history
Acts 2011, 82nd Leg., R.S., Ch. 1304 (H.B. 2911), Sec. 1, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1304 (H.B. 2911), Sec. 2, eff. June 17, 2011. Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 20, eff. September 1, 2019.