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Texas Statutes (Last Updated: January 4, 2014) |
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EDUCATION CODE |
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Title 3. HIGHER EDUCATION |
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Subtitle A. HIGHER EDUCATION IN GENERAL |
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Chapter 52. STUDENT LOAN PROGRAM |
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Subchapter F. ADDITIONAL BONDS |
Sec. 52.91. BONDS FOR TEXAS B-ON-TIME STUDENT LOAN PROGRAM
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(a) The board shall deposit to the credit of the Texas B-On-time student loan account established under Section 56.463 any proceeds from the sale of bonds issued by the board to fund Texas B-On-time student loans under Section 56.464(b), other than:
(1) accrued interest on the bonds, which shall be deposited to the credit of the interest and sinking fund related to the bonds; and
(2) any proceeds from the sale of the bonds that the board by resolution deposits to the student loan auxiliary fund under Section 52.89(c-1).
(b) The board by resolution may establish as provided by Section 52.03 one or more interest and sinking funds to be used for any purpose relating to the Texas B-On-time student loan program established under Subchapter Q, Chapter 56.
(c) The board shall repay bonds issued by the board to fund the Texas B-On-time student loan program using legislative appropriations and money collected by the board as repayment for Texas B-On-time student loans awarded by the board. The board may use tuition set aside under Section 56.465 to repay bonds issued by the board for the Texas B-On-time student loan program. The board may not use money collected by the board as repayment for student loans awarded by the board under Subchapter C to repay bonds issued by the board for the Texas B-On-time student loan program under Section 56.464(b).