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Texas Education Code - Chapter 53B Higher Education Loan AuthoritiesLegal Research Home > Texas Lawyer > Education Code > Texas Education Code - Chapter 53B Higher Education Loan Authorities This chapter may be cited as the Higher Education Loan Authority Act. Added by Acts 2005, 79th Leg., ch. 641, § 2, eff. Sept. 1, ... In this chapter: (1) "Accredited institution" means an institution that has either been recognized by a recognized accrediting agency, as defined by Section 61.003, or ... When the governing body of a city finds that it is to the best interest of the city and its inhabitants to create a higher ... The authority comprises only the territory included within the boundaries of the city or cities creating it. Added by Acts 2005, 79th Leg., ch. 641, ... An authority is a body politic and corporate having the power of perpetual succession. It shall have a seal; it may sue and be sued; ... A private person may not share in any of an authority's earnings. Added by Acts 2005, 79th Leg., ch. 641, § 2, eff. Sept. 1, ... (a) The authority shall be governed by a board of directors consisting of not less than 7 nor more than 11 members to be determined ... (a) The board shall elect from among its members a president and vice president, and shall elect a secretary and a treasurer who may or ... An authority has no power to tax. Added by Acts 2005, 79th Leg., ch. 641, § 2, eff. Sept. 1, 2005. ... The authority does not have the power of eminent domain. Added by Acts 2005, 79th Leg., ch. 641, § 2, eff. Sept. 1, 2005. ... The bonds shall be authorized by resolution adopted by a majority vote of a quorum of the board. Bonds authorized under this section shall be ... Bonds constituting a junior lien on the net revenue or properties may be issued unless prohibited by the bond resolution or trust indenture. Parity bonds ... Money for the payment of not more than two years' interest on the bonds and an amount estimated by the board to be required for ... Bonds may be issued for the purpose of refunding outstanding bonds in the manner provided in this chapter for other bonds, and may be exchanged ... Bonds issued under this chapter and the record relating to their issuance shall be submitted to the attorney general, and if he finds that they ... All bonds issued under this chapter are legal and authorized investments for all banks, savings banks, trust companies, building and loan associations, savings and loan ... To the extent it is applicable, the law as to the security for and the investment of funds, applicable to cities, controls the investment of ... The authority may select a depository or depositories according to the procedures provided by law for the selection of city depositories, or it may award ... The authority may borrow money and accept grants from, and enter into contracts, leases, or other transactions with the United States, the State of Texas, ... (a) An authority may, upon approval of the city or cities which created the same, issue revenue bonds or otherwise borrow money to obtain funds ... Last modified: August 10, 2007 |