Section 36 of this chapter does not apply to any educational facility or any liability or other loss insurance reserves financed under sections 56 through 58 of this chapter and this section. However, the authority shall return the promissory notes purchased through the issuance of bonds under this chapter to the nonprofit college or university issuing the promissory notes when:

1. (1) the bonds have been fully paid and retired or adequate provision has been made to pay and retire the bonds fully;
2. (2) all other conditions of the trust agreement or indenture creating the bonds have been satisfied; and

3. (3) the lien has been released in accordance with the provisions of the instrument creating the lien.

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

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