Georgia Code
Part 2 - Georgia Higher Education Assistance Corporation
§ 20-3-284. Exemption of Corporation From Taxation

In that the corporation is a duly created public authority and political subdivision of the state and is performing essential governmental functions in the exercise of its corporate purposes, the state covenants with the holders of educational loans guaranteed by the corporation that the corporation shall not be required to pay and shall be exempt and free from the payment of any taxes and assessments to the state or to any county, municipality, or other political subdivision of the state upon any property acquired by it or held under its jurisdiction or control, whether real, personal, or mixed; upon any loan guaranty or other obligation, agreement, or evidence of indebtedness issued or entered into by it pursuant to this part; upon the transfer by any holder to the corporation or by the corporation to the United States or to any other person or entity of the ownership of any obligation or evidence of indebtedness entered into or executed by any party pursuant to this part; or upon any moneys or income received or held by the corporation. The exemption from taxation provided in this Code section shall not, however, extend to nor include any exemption from sales and use taxes on property purchased by or for the use of the corporation.
History. Ga. L. 1964, p. 735, § 11; Ga. L. 1965, p. 217, § 12; Ga. L. 1976, p. 415, § 2; Code 1933, § 32-3327, enacted by Ga. L. 1980, p. 835, § 2.

Structure Georgia Code

Georgia Code

Title 20 - Education

Chapter 3 - Postsecondary Education

Article 7 - Scholarships, Loans, and Grants

Part 2 - Georgia Higher Education Assistance Corporation

§ 20-3-260. Short Title; Name of Program

§ 20-3-261. Legislative Findings; Purpose of Corporation

§ 20-3-262. Definitions

§ 20-3-263. Corporation Created as Successor to Former Georgia Higher Education Assistance Corporation

§ 20-3-264. Functions and Composition of Board of Directors; Organization and Conduct of Affairs

§ 20-3-265. Corporation Officers and Employees; Bonds

§ 20-3-266. Powers and Duties of the Corporation; Conflicts With Federal or State Law; Confidentiality

§ 20-3-267. Accounting System; Use of Funds; Payments to Commission

§ 20-3-268. Annual Audits of Corporation; Distribution of Audit Reports

§ 20-3-269. Loan Guaranties Not State Debt; Directors and Officers Not Personally Liable for Issuance of Guaranties

§ 20-3-270. Loan Guaranties Conditioned on Lenders’ and Holders’ Due Diligence

§ 20-3-271. Insurance Premiums or Guaranty Fees

§ 20-3-272. Submission of Lenders’ Billings and Reports to Secretary by Corporation; Use of State Funds to Accelerate Federal Payments

§ 20-3-273. State Interest Subsidy Payments for Student Borrowers

§ 20-3-274. Loan Discount Payments to Lenders

§ 20-3-275. Funds Maintained by Corporation

§ 20-3-276. School Rights Subject to Rules and Regulations

§ 20-3-277. Lender Rights Subject to Rules and Regulations

§ 20-3-279. Persons Forbidden to Engage in Business of Furnishing Educational Loan Information or Assistance

§ 20-3-280. Lender and School Audits; Program Reviews; Corrective Actions

§ 20-3-281. Sale, Pledge, or Assignment of Educational Loans

§ 20-3-282. Contracted Servicing of Loans

§ 20-3-283. Contributions Deductible for Income Tax Purposes

§ 20-3-284. Exemption of Corporation From Taxation

§ 20-3-285. Exemption of Lenders From Certain Taxation

§ 20-3-286. Conflicts of Interest Involving Directors, Officers, or Employees of Corporation

§ 20-3-287. Borrowers Deemed Capable Regardless of Age

§ 20-3-288. Proof of Residency in State

§ 20-3-289. Eligibility of Students in Default for Other State Student Assistance

§ 20-3-290. Corporation Assigned to Commission

§ 20-3-291. Termination and Dissolution of Corporation

§ 20-3-292. Venue of Proceedings Against Corporation

§ 20-3-293. General Banking or Insurance Business by Corporation Prohibited

§ 20-3-294. Operations Reports by Corporation

§ 20-3-295. Licensing Entities Prohibited From Refusing to Issue License or Suspending or Revoking License of Borrower in Default Under Certain Educational Loan Programs