Section 173.355

Title XI EDUCATION AND LIBRARIES

Chapter 173

Effective - 28 Aug 2007, 2 histories   

  173.355.  Definitions. — As used in sections 173.350 to 173.450^*, the following terms mean:

  (1)  "Asset of the authority", any asset or investment of any kind owned by the authority, including, but not limited to, any student loan, any income or revenues derived from any asset or investment owned by the authority, any funds, income, fees, revenues, proceeds of all bonds or other forms of indebtedness, and proceeds of the sale or liquidation of any such asset or investment;

  (2)  "Authority", the Missouri higher education loan authority;

  (3)  "Board", the Missouri coordinating board for higher education;

  (4)  "Bond resolution", any indenture, resolution or other financing document pursuant to which revenue bonds, notes or other forms of indebtedness of the authority are issued or secured;

  (5)  "Commissioner", the Missouri commissioner of higher education;

  (6)  "Department", the Missouri department of higher education and workforce development;

  (7)  "Public colleges and universities", any public community college, public college, or public university located in the state of Missouri;

  (8)  "Secondary education loans", loans or notes originated by banks, other financial institutions, secondary education institutions or the authority, the proceeds of which are to be used to pay tuition for students enrolling for either junior or senior year at a secondary school which is accredited in accordance with applicable state law.  Such loans shall be available only to the parents or guardians of those students who undertake courses of instruction for which postsecondary school course credit may be awarded.  Loan proceeds will not be available for any secondary school instruction which is sectarian in nature.

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(L. 1981 H.B. 326, A.L. 1994 S.B. 583, A.L. 2003 S.B. 371, A.L. 2007 S.B. 389)

*Section 173.450 was repealed by H.B. 1456, 1988.