HB 36 — AN ACT relating to the Kentucky Higher Education Student Loan Corporation.

UNOFFICIALCHAPTER COPY176 231 RSCHAPTER 176 ( HB 36/GA36 ) AN ACT relating to the Kentucky Higher Education Student Loan Corporation.

(1) The General Assembly of the Commonwealth of Kentucky hereby finds and determines that as a result of the adoption of the education amendments of 1976 by the Congress of the United States, being Public Law 94-482,94- 482, it is essential, in order that the Commonwealth of Kentucky may continue to provide adequate educational opportunities to all of its citizens and residents, that the corporation be created and empowered to finance student loan operations in Kentucky by the issuance of its bonds and notes for the purpose of making and purchasing[ insured] student loans.

(2) The Kentucky Higher Education Student Loan Corporation is created and established as an independent de jure municipal corporation and political subdivision of the Commonwealth of Kentucky to perform essential governmental and public functions and purposes in improving and otherwise promoting the educational opportunities of the citizens and inhabitants of the Commonwealth of Kentucky and other qualified students by a program of financing, making, and Page 1 of 7 HB003610.100 - 823 - XXXX 2/16/2023 3:51 PM GA UNOFFICIAL COPY 23 RS HB 36/GA purchasing of[ insured] student loans.

Each director shall serve for the appointed term and, except as provided in Page 2 of 7 HB003610.100 - 823 - XXXX 2/16/2023 3:51 PM GA UNOFFICIAL COPY 23 RS HB 36/GA subsection (3)(b) of this section, shall serve until a successor has been appointed and has duly qualified.

Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (5) Except as provided in subsection (3)(b) of this section, in the event of a vacancy, the Governor may appoint a replacement director from nominees submitted by the Governor's Higher Education Nominating Committee under KRS 164.005 who shall hold office during the remainder of the term so vacated.

(7) The board shall elect from its voting membership a chair, chair-elect, and secretary-secretary-treasurer. treasurer.

(10) Official actions may be taken by the corporation at meetings duly called by the Page 3 of 7 HB003610.100 - 823 - XXXX 2/16/2023 3:51 PM GA UNOFFICIAL COPY 23 RS HB 36/GA chair upon three (3) days' written notice to each director or upon the concurrence of at least a majority of the directors.

Page 4 of 7 HB003610.100 - 823 - XXXX 2/16/2023 3:51 PM GA UNOFFICIAL COPY 23 RS HB 36/GA Section 3.

CHAPTER 176 3 (5) To procure insurance in respect of all student loans made or purchased by the corporation.

Page 5 of 7 HB003610.100 - 823 - XXXX 2/16/2023 3:51 PM GA UNOFFICIAL COPY 23 RS HB 36/GA (9) To make, execute, and effectuate any and all agreements or other documents with any federal or state agency or any person, corporation, association, partnership, or other organization or entity and perform other acts necessary or appropriate to accomplish effectively the purposes of this chapter.

Page 6 of 7 HB003610.100 - 823 - XXXX 2/16/2023 3:51 PM GA UNOFFICIAL COPY 23 RS HB 36/GA (19) Except where specifically prohibited by law, to secure data from any other Commonwealth of Kentucky agency or instrumentality or from any other source in furtherance of any purposes of the corporation related to any program or function administered by the corporation.

PageSigned 7by ofGovernor 7April HB003610.1006, -2023. 823 - XXXX 2/16/2023 3:51 PM GA

Legislative Research Commission PDF Version