SB 1142 Explicitly grants MOHELA the ability to sell assets, and specifies the manner in which proceeds from such assets may be utilized
Sponsor: Graham
LR Number: 5334L.01I Fiscal Note:
Committee: Education
Last Action: 3/2/2006 - Second Read and Referred S Education Committee Journal Page: S386
Title: Calendar Position:
Effective Date: August 28, 2006

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Current Bill Summary

SB 1142 - 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 be only utilized for purposes specified in the act, including the funding of student loans, scholarships, endowed professorships, and capital projects. The act stipulates that proceeds of the authority shall not be utilized for the payment of debts.