The Vermont Statutes Online

Title 16 : Education

Chapter 087 : GRANTS, SCHOLARSHIPS, AND EDUCATION LOAN PROGRAMS

Subchapter 001 : GENERAL PROVISIONS

• § 2823. Powers of Corporation

  (a) The Corporation may acquire by gift or otherwise, hold, and dispose of property in fee or in trust, or any other estate, for the purposes set forth in this chapter and shall be an instrumentality of the State. The State shall support and maintain the Corporation.

  (b) The Corporation has the general powers provided to Vermont nonprofit corporations.

  (c) The Corporation is hereby designated as the state agency to receive federal funds assigned to the State of Vermont for student financial aid programs.

  (d) The Corporation is authorized to make and finance the making of education loans and to issue its debt obligations for the purpose of acquiring funds therefor. No resolution or other action of the Corporation providing for the issuance of such debt obligations may be effective without the approval in writing of the Governor.

  (e) The Corporation is authorized to develop and implement loan programs, including programs for the guaranteeing, servicing, originating, and financing of education loans for borrowers and lenders located both within and outside the State, including the federal Direct Loan Program and other education loans made pursuant to federal law. The Corporation is authorized to make loans to residents and nonresidents.

  (f) The Corporation is authorized to borrow money and issue its debt obligations to further the governmental and public purposes set forth in this chapter, including the purchase, construction, renovation, reconstruction, rehabilitation, improvement, furnishing, and equipping of office or other business space to be owned or leased by the Corporation for use by the Corporation to further the governmental and public purposes set forth in this chapter. Notwithstanding subsection 2868(i) of this chapter, notes, bonds, or other obligations issued under this section may be direct and general obligations of the Corporation, and may be otherwise secured as the Corporation shall determine, including by a mortgage. No debt obligation issued under this subsection may be effective without the approval in writing of the Governor. Such obligations shall not be deemed to constitute a debt or liability or obligation of the State of Vermont or of any political subdivision of it, nor shall they be deemed to constitute a pledge of the faith and credit of the State or of any political subdivision thereof. Each obligation issued by the Corporation under this section shall contain on its face a statement to the effect that neither the faith and credit nor the taxing power of the State of Vermont or any political subdivision of it is pledged to the payment of the principal or the interest on these obligations. (Added 1965, No. 198, § 1(b), (c); amended 1967, No. 131, § 1; 1975, No. 170 (Adj. Sess.), § 3; 1981, No. 174 (Adj. Sess.), § 2, eff. April 20, 1982; 1993, No. 147 (Adj. Sess.), § 3; 2001, No. 58, § 6, eff. June 16, 2001; 2003, No. 86 (Adj. Sess.), § 4.)