|
year, including a breakdown of income and costs, the |
administrative and operating costs of the corporation |
assets and liabilities of the corporation |
| 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 |
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. |
