Pennsylvania Statutes Title 24 P.S. Education § 6901.502. Definitions

The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Agency.” The Pennsylvania Higher Education Assistance Agency.

“Bond.” A certificate or evidence of a debt on which the issuing governmental body promises to pay the bondholders a specified amount of interest for a specified length of time and to repay the loan on the expiration date.

“College savings bonds.” A class of bonds issued by the Commonwealth as zero coupon bonds pursuant to any unissued debt authorization and the provisions of this chapter.

“Institution of higher education.” All public and private colleges and universities located within this Commonwealth, including, but not limited to, State-owned and State-related colleges and universities, member institutions of the State System of Higher Education and community and junior colleges.

“Issuing officials.” The Governor, the Auditor General and the State Treasurer.

“Zero coupon bond.” A bond sold at an initial purchase price below its maturity value which does not entitle its holder to receive periodic payments of interest but whose maturity value is payable in one payment on a fixed date.