Rhode Island General Laws Title 45. Towns and Cities § 45-38.1-5.3. Conveyance of loan funding deposit after payment of bonds

When the principal of, interest on, and premium, if any, due in connection with bonds or notes of the corporation issued to finance the cost of an education loan financing program or programs, including any refunding bonds or notes issued to refund and refinance those bonds or notes have been fully paid and retired, or when adequate provision has been made to fully pay and retire the bonds or notes, and all other conditions of the bond or note resolution authorizing the bonds or notes, have been satisfied and the security interest or lien created by the bond or note resolution has been released in accordance with the provisions of the resolution, the corporation shall promptly do those things and execute deeds and conveyances that are necessary and required to convey any remaining monies, properties, and other assets, comprising loan funding deposits, to the participating institutions for higher education which furnished the monies, properties, and other assets in proportion to the amounts furnished by the respective participating institutions for higher education.