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§ 5105.2. Agreements with bondholders; lien of pledge

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 P.S. Education

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 24 P.S. Education
Chapter 20. Higher Education Assistance (Refs & Annos)
Pennsylvania Higher Education Assistance Agency Act (Refs & Annos)
24 P.S. § 5105.2
§ 5105.2. Agreements with bondholders; lien of pledge
Currentness
(a) The agency in issuing any bonds, notes or other obligations may contract with the holders thereof as to:
(1) Pledging revenues of the agency to secure the payment of the bonds, notes or other obligations subject to such agreements with holders of obligations of the agency as may then exist.
(2) Pledging assets of the agency to secure the payment of the bonds, notes or other obligations subject to such agreements with holders of obligations of the agency as may then exist.
(3) The setting aside of reserves or sinking funds and the regulation and disposition thereof.
(4) Limitations on the purpose to which the proceeds of sale of bonds, notes or other obligations may be applied and pledging such proceeds to secure the payment of the bonds, notes or other obligations or of any issue thereof.
(5) Limitations on the issuance and terms of additional bonds, notes or other obligations and the refunding of outstanding or other bonds, notes or other obligations.
(6) The procedure, if any, by which the terms of any contract with noteholders or bondholders may be amended or abrogated, the amount of bonds, notes or other obligations the holders of which must consent to such amendment or abrogation and the manner in which such consent may be given.
(7) Vesting in a trustee or trustees such property, rights, powers and duties in trust as the board of directors may determine, which may include any or all of the rights, powers and duties of the trustee appointed by the bondholders pursuant to this act and limiting or abrogating the right of the bondholders to appoint a trustee under this act or limiting the rights, powers and duties of such trustee.
(8) Defining the acts which shall constitute a default in the obligations and duties of the agency to the holders of the bonds, notes or other obligations and providing for the rights and remedies of the holders of the bonds, notes and other obligations in case of such default, but such rights and remedies shall not be inconsistent with the general laws of this Commonwealth and the other provisions of this act.
(9) Any other matters, of like or different character, which in any way affect the security or protection of the holders of the bonds, notes or other obligations.
(b) Any pledge made by the agency is valid and binding from the time when the pledge is made. The revenues, moneys or property so pledged and thereafter received by the agency are immediately subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge is valid and binding as against all persons having claims of any kind in tort, contract or otherwise against the agency, whether or not such persons have notice thereof. Neither the proceedings of the agency relating to the bonds, notes or other obligations nor any other instrument by which a pledge is created need be recorded.

Credits

1963, Aug. 7, P.L. 549, § 5.2, added 1982, Dec. 29, P.L. 1450, No. 330, § 5, imd. effective.
24 P.S. § 5105.2, PA ST 24 P.S. § 5105.2
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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