Iowa Code 261A.10 – Acquisition of moneys, endowments, properties, and guarantees
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Terms Used In Iowa Code 261A.10
- Authority: means the Iowa higher education loan authority created by this chapter, and "members of the authority" means those persons appointed to the authority pursuant to section 261A. See Iowa Code 261A.4
- Authority loans: means loans by the authority to institutions of higher education for the purpose of funding education loans. See Iowa Code 261A.4
- Default reserve fund: means a fund established pursuant to a bond resolution for the purpose of securing education loans, authority loans, or obligations. See Iowa Code 261A.4
- Institution: means a nonprofit educational institution located in Iowa not owned or controlled by the state or any political subdivision, agency, instrumentality, district, or city of the state, which is authorized by law to provide a program of education beyond the high school level and which meets all of the following requirements:a. See Iowa Code 261A.4
- Loan: means a deposit of property not accompanied by a transfer of title to the property. See Iowa Code 305B.2
- Obligations: means bonds, notes, or other evidences of indebtedness of the authority, including interest coupons pertaining thereto, issued under this chapter, including refunding bonds. See Iowa Code 261A.4
- Trustee: A person or institution holding and administering property in trust.
The authority may establish guidelines relating to the deposits of moneys, endowments, or properties by institutions which would provide prudent security for education loan funding programs, authority loans, education loans, or for obligations and may establish guidelines relating to guarantees of or contracts to purchase education loans or obligations by the institutions or by financial institutions or others. A default reserve fund may be established for each series or issue of obligations. The authority may receive moneys, endowments, properties, and guarantees it deems appropriate and, if necessary, may take title in the name of the authority or in the name of a participating institution or a trustee.