(1) The authority shall establish the Utah Higher Education Assistance Authority Guarantee Fund from the following sources: (a) insurance premiums; (b) money appropriated and made available by the state for the purpose of the guarantee fund; (c) money directed by the authority to be transferred to the guarantee fund; and (d) other money made available to the authority for the purpose of the guarantee fund from other sources.
(a) insurance premiums;
(b) money appropriated and made available by the state for the purpose of the guarantee fund;
(c) money directed by the authority to be transferred to the guarantee fund; and
(d) other money made available to the authority for the purpose of the guarantee fund from other sources.
(2) (a) Money held in the guarantee fund shall be used only for payments required under the authority's guarantee agreements and for other purposes authorized by applicable federal regulations. (b) Income or interest earned by the investment of money held in the guarantee fund remains in the fund. (c) The authority may provide by resolution or guarantee agreement that it may not guarantee a loan if the assets of the fund are less than 1% of the unpaid principal amount outstanding upon all loans guaranteed by the fund, or a greater amount as determined by the authority. (d) In computing the assets of the fund for the purposes of this section, securities are valued at par, cost, or by such other method of valuation as the authority may provide by resolution or agreement. (e) In the event assets in the fund are less than 1%, or a greater amount as determined by the authority under Subsection (2)(c), the chairman of the authority shall annually, before the second day of December, certify to the governor and to the Director of Finance the amounts required to restore the assets of the fund to the required amount. The governor may request an appropriation of the certified amount from the Legislature in order to restore the required amount to the fund.
(a) Money held in the guarantee fund shall be used only for payments required under the authority's guarantee agreements and for other purposes authorized by applicable federal regulations.
(b) Income or interest earned by the investment of money held in the guarantee fund remains in the fund.
(c) The authority may provide by resolution or guarantee agreement that it may not guarantee a loan if the assets of the fund are less than 1% of the unpaid principal amount outstanding upon all loans guaranteed by the fund, or a greater amount as determined by the authority.
(d) In computing the assets of the fund for the purposes of this section, securities are valued at par, cost, or by such other method of valuation as the authority may provide by resolution or agreement.
(e) In the event assets in the fund are less than 1%, or a greater amount as determined by the authority under Subsection (2)(c), the chairman of the authority shall annually, before the second day of December, certify to the governor and to the Director of Finance the amounts required to restore the assets of the fund to the required amount. The governor may request an appropriation of the certified amount from the Legislature in order to restore the required amount to the fund.
(3) The authority may create and establish other subfunds as are necessary or desirable for its purposes.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.