(a) Whenever refunding bonds are issued to refund bonds, the proceeds of which were used to make Authority loans, the Authority may reduce the amount it is owed by the institutions which had received Authority loans from the proceeds of the refunded bonds.
(b) The institutions may use this reduced amount to reduce the amount of interest being paid on education loans which the institutions had made pursuant to the Authority loans from the proceeds of the refunded bonds.
(c) All expenses incurred in carrying out this section shall be payable solely from funds provided under the authority of this section and, except as otherwise provided, no liability shall be incurred by the Authority beyond the extent to which moneys shall have been provided under this section.
Structure Delaware Code
Chapter 92. DELAWARE HIGHER EDUCATION SUPPLEMENTAL LOAN AUTHORITY
§ 9201. Legislative findings; declaration of purpose; construction of chapter.
§ 9203. Established; composition; term of office; vacancies; officers; compensation.
§ 9204. Executive Director; General Counsel; quorum; power to issue bonds.
§ 9206. Use of refunding bond proceeds.
§ 9207. Loan funding deposits.
§ 9210. Fees for services; pledge of revenues as security.
§ 9211. Enforcement of rights and duties by bondholder.
§ 9213. Permissible investments.
§ 9214. Legal investments in bonds.
§ 9215. Accounts; annual report; audit.
§ 9216. Chapter additional and supplemental to other laws; permissible rate of interest.