Sec. 16. (a) In connection with any lease entered into between the authority and any nonprofit college or university, the authority shall fix, revise, charge, and collect rents for the use of each educational facility project and contract with any person, partnership, association, limited liability company, or corporation, or other body, public or private, with respect to the educational facility project.
(b) Each lease entered into by the authority with a nonprofit college or university must provide that the rents or other money payable by the nonprofit college or university is sufficient at all times:
(1) to pay the private institution's share of the administrative costs and expenses of the authority;
(2) to pay the principal of, the premium on (if any), and the interest on outstanding bonds of the authority issued in respect of the educational facility project as the bonds become due and payable; and
(3) to create and maintain reserves that may be required or provided for in the bond resolution relating to the bonds of the authority.
(c) The authority shall pledge the revenues derived and to be derived from an educational facility project for the purposes specified in subsection (b).
As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.18.
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