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| To the extent and for the purposes contemplated by the federal |
| Internal Revenue Code of 1954, Section 103(e), as amended, and |
| successor provisions thereto, including without limitation the |
| federal Internal Revenue Code of 1986, Section 150(d), as amended, |
| the Governor may on behalf of the State request the organization of |
| one or more nonprofit corporations to operate exclusively for the |
| purpose of acquiring student loan notes incurred under the federal |
| Higher Education Act of 1965, 20 United States Code, Chapter 28, |
Title IV, Part B, as amended. A nonprofit corporation formed under |
this section shall report annually on its activities during the |
previous fiscal year to the joint standing committee of the |
Legislature having jurisdiction over economic development matters, |
the joint standing committee of the Legislature having jurisdiction |
over appropriation matters and the joint standing committee of the |
Legislature having jurisdiction over education matters. That |
report must include a listing of the current directors and officers |
of the corporation, a summary of the corporation's purchases of |
loans in the secondary market during the previous fiscal year, a |
listing of the institutions from which loans were purchased during |
the previous fiscal year, a summary of the organization's direct |
student loans and a complete financial statement of the |
corporation's operations for the previous fiscal year, including a |
breakdown of income and costs, a breakdown of the administrative |
and operating costs of the corporation, a breakdown of the assets |
and liabilities of the corporation, total excess revenues over |
expenditures for the previous fiscal year and the total |
accumulation of these revenues, total income derived from |
investments during the previous fiscal year and a breakdown showing |
the disposition and use of excess revenues and the proceeds from |
investments. That report must include similar information on all |
affiliated entities. That report must be provided annually in |
writing to the committee by December 1st. |
| requirements of this section, if a nonprofit corporation formed |
| under this section does not comply with the requirements of this |
| section, the Governor may request on behalf of the State that one |
| or more state agencies acquire student loan notes incurred under |
| the federal Higher Education Act of 1965, 20 United States Code, |
| Chapter 28, Title IV, Part B, as amended. |
