(1) Student loans made or authorized to be made under s. 39.32 may be funded from the proceeds of revenue obligations issued subject to and in accordance
with subch. II of ch. 18.
(2) There is created a separate nonlapsible trust fund designated the student loan
repayment fund consisting of all revenues received in repayment of student loans funded
under this section, and any other revenues dedicated to it by the board. The board may pledge revenues received or to be received by the fund to secure revenue
obligations issued under this section, and shall have all other powers necessary and
convenient to distribute the proceeds of the revenue obligations and loan repayments
in accordance with subch. II of ch. 18.
(3) All student loans funded with revenue obligations issued under this section shall
be fully guaranteed as to repayment of principal and interest from among a nonstock
corporation organized under s. 39.33(1), the United States, its agencies or instrumentalities. The board may enter into agreements necessary to affect this guaranty.
(4) Revenue obligations issued under this section shall not exceed $295,000,000 in
principal amount, excluding obligations issued to refund outstanding revenue-obligation
(5) Except as may otherwise be expressly provided in resolutions authorizing the issuance
of revenue obligations, each issue of revenue obligations shall be on a parity with
every other revenue obligation issued under this section, payable in accordance with
subch. II of ch. 18, subject only to any agreements with the holders of particular revenue
obligations pledging any particular receipts or revenues.
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