SB 227 - This act explicitly grants the Missouri Higher Education Loan Authority (MOHELA) the ability to sell or liquidate any asset of the authority. The term "asset" is defined in the act. The act specifies that proceeds from such assets shall be either utilized to carry out the purposes of the authority or be deposited into a fund, newly created by the act. Moneys in the fund shall only be utilized for purposes specified in the act, including the funding of student loans and scholarships. The act stipulates that proceeds of the authority shall not be utilized for the payment of debts.
This act is similar to SB 1142 (2006).