1. (a) The authority may make loans to a nonprofit college or university to refund outstanding obligations or advances issued, made, or given by the nonprofit college or university for the cost of a project, including the establishment of liability or other loss insurance reserves or the contribution of those reserves to a risk retention group to provide insurance coverage against liability claims or other losses.

2. (b) The authority may issue bonds and make loans to a nonprofit college or university to refinance indebtedness incurred or to reimburse advances made for projects undertaken before the date of the bond issue whenever the authority finds that the financing is in the public interest and either:

   1. (1) alleviates a financial hardship upon the nonprofit college or university;
   2. (2) results in a lesser cost of education; or

   3. (3) enables the nonprofit college or university to offer greater security for a loan or loans to finance a new project or projects or to effect savings in interest costs or more favorable amortization terms.

      [Pre-2007 Higher Education Recodification Citation: 20-12-63-11(8).]

As added by P.L.2-2007, SEC.69.