N.Y. Public Authorities Law § 1679-c: The New York higher education loan program

§ 1679-c. The New York higher education loan program. 1. For purposes

of this section, the following words and terms shall have the following

meaning unless the context shall indicate another or different meaning

or intent:

(a) "Corporation" shall mean the New York state higher education

services corporation.

(b) "Education loan" shall mean a loan made under the New York higher

education loan program established pursuant to part v of article

fourteen of the education law.

2. In addition to the powers of the authority pursuant to the other

sections of this title, the authority shall have power:

(a) To enter into one or more agreements with the corporation, which

agreement may provide for the securing of education loans in accordance

with part V of article fourteen of the education law, and to perform or

contract for the performance of its obligations under any such

agreement;

(b) To make and contract to make and to acquire and contract to

acquire education loans and to enter into advance commitments for the

purchase of said education loans;

(c) Subject to any agreement with bondholders or noteholders, to

invest moneys of the authority not required for immediate use, including

proceeds from the sale of any bonds or notes, in education loans;

(d) To service and execute contracts for the servicing of education

loans acquired by the authority pursuant to this title, and to pay the

reasonable value of services rendered to the authority pursuant to those

contracts;

(e) To prescribe standards and criteria for education loans purchases,

insofar as such standards and criteria are not inconsistent with the

applicable agreement with the corporation;

(f) Subject to any agreement with bondholders or noteholders, to sell

any education loans made or acquired by the authority at public or

private sale and at such price or prices and on such terms as the

authority shall determine; and

(g) To establish, revise from time to time, charge and collect such

premiums or fees in connection with education loans and its

participation in the New York higher education loan program as the

authority shall determine.

3. The authority shall have the power and is hereby authorized from

time to time to issue bonds and notes, including without limitation for

the purposes of financing and refinancing education loans and of

refunding any bonds or notes issued for such purpose pursuant to part V

of article fourteen of the education law.