If an educational facility is financed and mortgaged under sections 56 and 57 of this chapter:

1. (1) the title to the facility must remain in the nonprofit college or university owning the facility, subject to the lien of the mortgage securing the promissory notes then being purchased; and

2. (2) there may not be a lease of the facility between the authority and the institution.

   [Pre-2007 Higher Education Recodification Citation: 20-12-63-26(b).]

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