NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 154

SENATE BILL 430

 

 

AN ACT TO AMEND G.S. 116A-9 AND G.S. 116A-10 PERTAINING TO THE ESCHEAT FUND AND VESTING ADDITIONAL POWERS IN THE STATE EDUCATION ASSISTANCE AUTHORITY.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 116A-9 is amended by adding at the end thereof a provision reading as follows:

"Such loans shall be made upon terms, consistent with the provisions of this section, pursuant to which the State Education Assistance Authority makes loans to other students under G.S. 116-201 to 116-209.23, Article 23."

Sec. 2.  G.S. 116A-10 is rewritten to read as follows:

"§ 116A-10.  Subject to the State Treasurer's holding, as custodian, such portion of the escheat fund as he determines may be subject to refund pursuant to G.S. 1 16A-11 of this Chapter, the entire corpus of the escheat fund, including all future additions thereto, other than said income, is transferred to become, and is made and shall be, a part of the trust fund created under G.S. 116-209 of Article 23; provided that the escheat fund in said trust fund shall be accounted for and administered separately from other assets and money in such trust fund. The State Treasurer shall be the trustee of the escheat fund in the trust fund and shall have full power to invest and reinvest moneys in the escheat fund and to distribute the income derived therefrom to the State Education Assistance Authority as provided in the foregoing G.S. 116A‑9.

The authority, in addition to other powers vested under G.S. 116-201 to G.S. 116‑209.23 of Article 23, is authorized to pledge and vest a security interest in all or any part of any such escheat fund in said trust fund, by resolution adopted or trust agreement approved by it, as security for or insurance respecting the payment of bonds or other obligations, including principal, interest and redemption premium, if any, under such Article 23; provided such pledge and security interest in the escheat fund shall, in the determination of the authority, constitute a use of the escheat fund to aid worthy and needy students who are residents of this State and are enrolled in public institutions of higher education in this State. Pursuant to any such pledge of and security interest in the escheat fund, or any part thereof, the State Education Assistance Authority may submit, from time to time as it deems necessary, to the State Treasurer requisitions for transfers of money in the escheat fund, and the State Treasurer is authorized and directed to pay such money so requisitioned to the authority for the purpose of enabling the authority to pay any bonds or other obligations, including principal, interest and redemption premium, if any, of the authority, pursuant to any such pledge of or security interest in the escheat fund, or any part thereof, under any such resolution or trust agreement."

Sec. 3.  Insofar as the provisions of this act are inconsistent with the provisions of any other law, the provisions of this act shall be controlling.

Sec. 4.  This act shall become effective on July 1, 1975.

In the General Assembly read three times and ratified, this the 21st day of April, 1975.