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assets and liabilities of the corporation, the total excess | | revenues over expenditures for the previous fiscal year and the | | total accumulation of these revenues, the total income derived from | | investments during the previous fiscal year, the disposition and | | use of excess revenues, the proceeds from investments and the | | geographic distribution and distribution between institutions of | | higher learning of its student loans among residents of this State.__ | | The report must demonstrate that all revenues, including reserves, | | that are acquired with proceeds of tax-exempt bonds using a portion | | of the state ceiling on private activity bonds are being used in a | | manner consistent with the public purpose for which the bonds are | | issued.__The report must include similar information on all | | affiliated entities and must be provided annually in writing to the | | joint standing committees of the Legislature having jurisdiction | | over business and economic development matters, appropriations | | matters and education matters by December 1st.__A nonprofit | | corporation formed under this section shall also file copies of the | | corporation's Internal Revenue Code forms and returns with the | | Attorney General and the joint standing committee of the | | Legislature having jurisdiction over business and economic | | development matters. |
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| | | Sec. 12. 20-A MRSA §11413, sub-§16 is enacted to read: |
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| | | 16.__Supplemental loan.__"Supplemental loan" means a loan to a | | student or to a parent to finance the costs of higher education | | other than a loan guaranteed pursuant to the federal Higher | | Education Act of 1965, 20 United States Code, Chapter 28. |
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| | | Sec. 13. 20-A MRSA §11415, sub-§2, as enacted by PL 1987, c. 807, §3, | | is amended to read: |
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| | | 2. Qualifications. Each member shall | this State. One member shall | officio and nonvoting, or the Treasurer of State's designee. One | member shall be the president of the secondary market, ex | officio, or the president of the secondary market's designee. | the remaining 52 | members shall | of institutions of higher education, at leastshall | | must be from an institution not owned or operated by the State or | | any of its political subdivisions and one of whom must be from a | | technical college owned or operated by the State. Each member of | | the authority, before entering upon that member's duties, shall | | take and subscribe the oath or affirmation required by the | | Constitution of Maine, Article IX, Section 1. A record of each | oath shall | | With the exception of a member serving in an ex officio capacity, | | a member of the authority may not at the same time serve as an | | officer, director or employee of a nonprofit |
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