(a) Promissory notes evidencing student loans made by the board with proceeds from
bonds may be deposited and held in any fund as directed by the board resolution that
authorized the issuance of the bonds.
(b) The board may pledge and grant a security interest in all or any portion of those
promissory notes to any person to further secure the payment of principal and interest
on bonds issued under this chapter or of obligations under any contracts entered into
by the board relating to the issuance of a series of bonds.
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