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1997 SESSION

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HB 1989 Funds and powers of State Education Assistance Authority.

Introduced by: Robert Tata | all patrons    ...    notes | add to my profiles

SUMMARY:

Funds and powers of the State Education Assistance Authority. Exempts the State Education Assistance Authority from the general statutory provisions relative to the compromise and settlement of disputes through the Attorney General's Office and repeals the requirement that the Authority be the trustee of the trust funds used for payment of the Authority's guaranty obligations. The Authority is granted the power to compromise, satisfy and provide for its obligations and liabilities and may maintain such reserves as may be sufficient for payment to third parties to meet such obligations and liabilities. The bill also provides that the general fund of the Commonwealth will receive any unused reserve fund proceeds set aside for nonfederal, state-sponsored programs after all obligations under those programs are met.


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