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The Florida Senate

2010 Florida Statutes

F.S. 1009.992


As used in this act:


“Authority” means any public corporation created by s. 1009.993 or any board, body, commission, department, or officer of the county succeeding to the principal functions thereof or to whom the powers conferred upon an authority by this act are given by this act.


“Authority loan” means any loan by an authority to an institution of higher education for the purpose of funding education loans.


“Bond” or “revenue bond” means any revenue bond of an authority issued under the provisions of this act, including any revenue-refunding bond, notwithstanding that the bond may be secured by mortgage or the full faith and credit of a participating institution of higher education or any other lawfully pledged security of a participating institution of higher education.


“Bond resolution” means the resolution of an authority and the trust agreement, if any, and any supplement or amendment to the foregoing, authorizing the issuance of, and providing for the terms and conditions applicable to, obligations.


“Bond service charge” means the principal (including mandatory sinking fund requirements for retirement of obligations) and interest, and redemption premium, if any, required to be paid by an authority on obligations.


“Borrower” means any student who has received an education loan or any parent who has received or agreed to pay an education loan.


“Clerk” means the clerk of a commission or the county officer charged with the duties customarily imposed upon the clerk.


“Commission” means a board of county commissioners or other body charged with governing the county.


“Default insurance” means insurance insuring education loans, authority loans, or obligations against default.


“Default reserve fund” means a fund established pursuant to a bond resolution for the purpose of securing education loans, authority loans, or obligations.


“Education loan” means a loan which is made by an institution to a student or the parents of a student, or both, in an amount not in excess of the maximum amount specified in regulations to be formulated by the authority, in order to finance all or any part of the cost of the student’s attendance at such institution.


“Education loan series portfolio” means all educational loans made by a specific institution which are funded from the proceeds of an authority loan to such institution out of the proceeds of a related specific issue of obligations through the authority.


“Institution” means any college or university which, by virtue of law or charter, is accredited by and holds membership in the Commission on Recognition of Postsecondary Accreditation; which grants baccalaureate or associate degrees; which is not a pervasively sectarian institution; and which does not discriminate in the admission of students on the basis of race, color, religion, sex, or creed.


“Loan funding deposit” means moneys or other property which is deposited by an institution with the authority or a trustee for the purpose of:


Providing security for obligations;


Funding a default reserve fund;


Acquiring default insurance; or


Defraying costs of the authority, and

which shall be in such amounts as are deemed necessary by the authority as a condition for participation by such institution in the program of the authority.


“Obligation” means any revenue bond, note, or other evidence of indebtedness of an authority, including any interest coupon pertaining thereto, issued under this act, including any refunding bond.


“Parent” means any parent or guardian of a student at an institution.


“Participating institution” means an institution of higher education which, pursuant to the provisions of this act, undertakes the financing of an educational student loan program or undertakes the refunding or refinancing of obligations, a mortgage, or advances as provided in and permitted by this act.


“Person” means any person, firm, partnership, association, corporation, or other body, public or private.


s. 496, ch. 2002-387.