(a) (1) The Authority shall establish guidelines relating to:
a. The deposits of certain moneys, endowments or properties by institutions so as to provide reasonable security for education loan funding programs, Authority loans, education loans or for bonds; and
b. Guarantees of or contracts to purchase education loans or bonds by the institutions or by financial institutions or others.
(2) A default reserve fund may be established for any series or issue of bonds.
(b) (1) The Authority may receive moneys, endowments, properties and guarantees as it determines appropriate and, if necessary, take title in the name of the Authority or in the name of a participating institution or a trustee.
(2) When the principal of and interest on bonds of the Authority issued to finance the cost of any education loan financing program or programs, including any refunding bonds issued to refund or refinance any bonds, have been fully paid and retired or when adequate provision has been made to fully pay and retire the bonds, and all other conditions of the bond resolution authorizing the bonds have been satisfied and the lien created by the bond resolution has been released, the Authority shall promptly do the things and execute the deeds and conveyances necessary and required to convey any remaining moneys, properties and other assets comprising loan funding deposits to the participating institutions in proportion to the amounts furnished by the respective institutions.
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.