In addition to any other funds it may establish, the board of trustees may, by resolution, establish one or more special funds pursuant to this section, referred to herein as "guarantee reserve funds," and may pay into such reserve funds:
Any moneys appropriated and made available by the state for the purposes of such guarantee reserve fund;
Any proceeds from the sale of notes or bonds to the extent provided in the resolutions of the board of trustees authorizing the issuance thereof;
Any moneys which may be made available to the board of trustees from any other sources for the purposes of such guarantee reserve fund; and
Any income or interest earned by, or increment to, any reserve fund due to investment shall be deposited in the reserve fund.
The board of trustees may by resolution provide for the establishment of a guarantee reserve fund requirement for any guarantee reserve fund established pursuant to this section.
The board of trustees shall, on or before January 1 of each year, make and deliver to the Governor of the state a certificate stating the sum, if any, required to restore the guarantee reserve fund to the fund requirement. The Governor shall transmit to the State Legislature a request for the amount, if any, required to restore the guarantee reserve fund to the required funding level. The State Legislature may, but shall not be required to, make any such appropriations so requested. All sums appropriated by the State Legislature for such restoration and paid shall be deposited by the board of trustees in the guarantee reserve fund.
Any moneys appropriated by the State Legislature for the purposes of the guarantee reserve fund established pursuant to this section shall not revert to the General Fund of the state at the end of any fiscal year.
Structure Mississippi Code
Chapter 145 - Mississippi Opportunity Loan Program Act
§ 37-145-5. Mississippi Opportunity Loan Program
§ 37-145-9. Administration of Fund
§ 37-145-13. Loan limits; coordination with certain other programs
§ 37-145-15. Eligibility for loans
§ 37-145-17. Disposition of repaid principal and interest
§ 37-145-19. Loans subject to availability of funds
§ 37-145-21. Authority to enter into agreements and contracts
§ 37-145-23. Authority to issue general obligation bonds
§ 37-145-25. Issuance of general obligation bonds
§ 37-145-27. General obligation bonds negotiable and tax exempt
§ 37-145-29. Sale of general obligation bonds; notice of sale
§ 37-145-31. Proceeds of sale of general obligation bonds
§ 37-145-33. Bondholder enforcement of general obligation bond rights
§ 37-145-37. General obligation bonds legal investments and securities
§ 37-145-39. No additional authority necessary for issuance of general obligation bonds
§ 37-145-43. Authority to issue student loan revenue bonds; purpose of bonds
§ 37-145-45. Student loan revenue bonds not a public obligation
§ 37-145-47. Issuance of student loan revenue bonds
§ 37-145-49. Terms and conditions related to student loan revenue bonds and their issuance
§ 37-145-51. Pledge upon student loan revenue bonds
§ 37-145-53. Purchase of student loan revenue bonds by issuing company
§ 37-145-55. Security for student loan revenue bonds
§ 37-145-57. Validity and sufficiency of signatures upon bonds
§ 37-145-59. Funds and accounts to carry out provisions relating to student loan revenue bonds
§ 37-145-63. Subsequent amendments not to limit vested rights of bondholders
§ 37-145-67. Public function; student loan revenue bond income tax exempt
§ 37-145-69. Student loan revenue bonds legal investments and securities