There is hereby created a body politic and corporate to be known as the State Education Assistance Authority (authority). The authority is hereby declared to be a public instrumentality of the State and the exercise by the authority of any power conferred herein shall be deemed and held to be the performance of an essential public function. The authority shall consist of the members, from time to time, of the State Fiscal Accountability Authority, ex officio.
HISTORY: 1962 Code Section 22-96.3; 1971 (57) 775; 2014 Act No. 121 (S.22), Pt VII, Section 20.O.2, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.O.2, substituted "Fiscal Accountability Authority" for "Budget and Control Board of South Carolina", and made other nonsubstantive changes.
Structure South Carolina Code of Laws
Chapter 115 - State Education Assistance Act
Section 59-115-10. Short title.
Section 59-115-20. Definitions.
Section 59-115-30. Function of Authority.
Section 59-115-40. State Education Assistance Authority.
Section 59-115-50. Powers of Authority.
Section 59-115-60. State Education Assistance Authority Loan Fund.
Section 59-115-70. Sinking fund; State Education Assistance Authority Loan Guarantee Reserve Fund.
Section 59-115-80. Authority empowered to issue revenue bonds.
Section 59-115-90. Bond resolution; custody of moneys received; expenses payable from loan fund.
Section 59-115-110. All money received deemed trust funds; investment of funds.
Section 59-115-120. Rights of bondholders.
Section 59-115-130. Bonds as negotiable instruments.
Section 59-115-140. Bonds as legal investments.
Section 59-115-150. Security for bonds.
Section 59-115-160. Liability of State and Authority; expenses of Authority.