116-209.6. Revenues.
The Authority is authorized to fix and collect fees, charges, interest and premiums for making or insuring student loans, purchasing, endorsing or guaranteeing obligations and any other services performed under this Article. The Authority is further authorized to contract with the United States of America or any agency or officer thereof and with any person, partnership, association, banking institution or other corporation respecting the carrying out of the Authority's functions under this Article. The Authority shall at all times endeavor to fix and collect such fees, charges, receipts, premiums and other income so as to have available in the sinking fund at all times an amount which, together with any other funds made available therefor, shall be sufficient to pay the principal of and the interest on such bonds as the same shall become due and payable and to create reserves for such purposes. Money in the sinking fund, except such part thereof as may be necessary to provide such reserves for the bonds as may be provided for in the resolution authorizing the issuance of such bonds, shall be set aside in the sinking fund at such regular intervals as may be provided in such resolution and is hereby pledged to, and charged with, the payment of the principal of and the interest on such bonds as the same shall become due and the redemption price or the purchase price of bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made. The fees, charges, receipts, proceeds and other revenues and moneys so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Authority, irrespective of whether such parties have notice thereof. The resolution by which a pledge is created need not be filed or recorded except in the records of the Authority. The use and disposition of money to the credit of the sinking fund shall be subject to the provisions of the resolution authorizing the issuance of such bonds. Any such resolution may, in the discretion of the Authority, provide for the transfer of surplus money in the sinking fund to the credit of the Loan Fund. Except as may otherwise be provided in such resolution, such sinking fund shall be a fund for all such bonds without distinction or priority of one over another. (1967, c. 1177.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 116 - Higher Education
Article 23 - State Education Assistance.
§ 116-201 - Purpose and definitions.
§ 116-204 - Powers of Authority.
§ 116-204.1 - Council on residency determination policies.
§ 116-205 - Title to property; use of State lands; offices.
§ 116-206 - Acquisition of obligations.
§ 116-207 - Terms of acquisitions.
§ 116-208 - Construction of Article.
§ 116-209.1 - Provisions in conflict.
§ 116-209.3 - Additional powers.
§ 116-209.4 - Authority to issue bonds.
§ 116-209.5 - Bond resolution.
§ 116-209.9 - Negotiability of bonds.
§ 116-209.10 - Bonds eligible for investment.
§ 116-209.11 - Additional pledge.
§ 116-209.12 - Credit of State not pledged.
§ 116-209.14 - Annual reports.
§ 116-209.15 - Merger of trust fund.
§ 116-209.16 - Other powers; criteria.
§ 116-209.16A - Information on career and major options.
§ 116-209.17 - Establishment of student assistance program.
§ 116-209.18 - Powers of Authority to administer student assistance program.
§ 116-209.19 - Grants to students.
§ 116-209.20 - Public purpose.
§ 116-209.22 - Constitutional construction.
§ 116-209.23 - Inconsistent laws inapplicable.
§ 116-209.24 - Parental loans.
§ 116-209.25 - Parental Savings Trust Fund.
§ 116-209.27 - Administration of scholarships previously awarded by Teaching Fellows Program.
§ 116-209.28 - Administration of scholarships previously awarded by the Principal Fellows Program.
§ 116-209.45 - Forgivable Education Loans for Service Program and Fund.
§ 116-209.50 - Recodified as G.S§ 127A-190, effective November 18, 2021.
§ 116-209.51 - Recodified as G.S§ 127A-191, effective November 18, 2021.
§ 116-209.52 - Recodified as G.S§ 127A-192, effective November 18, 2021.
§ 116-209.53 - Recodified as G.S§ 127A-193, effective November 18, 2021.
§ 116-209.54 - Recodified as G.S§ 127A-194, effective November 18, 2021.
§ 116-209.55 - Recodified as G.S§ 127A-195, effective November 18, 2021.
§ 116-209.61 - North Carolina Teaching Fellows Commission established; membership.
§ 116-209.62 - North Carolina Teaching Fellows Program established; administration.
§ 116-209.63 - Terms of forgivable loans; receipt and disbursement of funds.
§ 116-209.81 - Eligibility requirements for a scholarship.
§ 116-209.82 - Semester limitation on eligibility for scholarship.
§ 116-209.83 - Scholarship amounts; adjustment of scholarship amounts.
§ 116-209.84 - Scholarship administration; reporting requirements.
§ 116-209.85 - Scholarship Reserve Fund for Public Colleges and Universities.
§ 116-209.90 - Tuition grants for graduates to attend a constituent institution.