HARRY HUGHES, Governor

2639

(1)  TO PROVIDE A MEASURE OF ASSISTANCE AND AN
ALTERNATIVE METHOD TO ENABLE STUDENTS ATTENDING INSTITUTIONS OF
HIGHER EDUCATION WHO ARE RESIDENTS OF PRINCE GEORGE'S COUNTY AND
THE FAMILIES OF SUCH STUDENTS APPROPRIATELY AND PRUDENTLY TO
FINANCE THE COST OR A PORTION OF THE COST OF SUCH HIGHER
EDUCATION;

(2)  TO SUPPLEMENT FEDERAL GUARANTEED HIGHER EDUCATION
LOAN PROGRAMS, OTHER STUDENT LOAN PROGRAMS, AND GRANT OR
SCHOLARSHIP PROGRAMS TO PROVIDE THE NEEDED ADDITIONAL OPTIONS FOR
THE FINANCING OF SUCH STUDENTS' HIGHER EDUCATION IN EXECUTION OF
THE PUBLIC POLICY RECITED HEREIN; AND

(3)  TO AUTHORIZE THE ESTABLISHMENT OF THE AUTHORITY
FOR THE BENEFIT OF THE PEOPLE OF PRINCE GEORGE'S COUNTY AND THE
STATE, FOR THE IMPROVEMENT OF THEIR EDUCATION, HEALTH, AND
WELFARE, AND FOR THE PROMOTION OF THE ECONOMY.

(C) THE AUTHORITY WILL BE PERFORMING AN ESSENTIAL
GOVERNMENTAL FUNCTION IN THE EXERCISE OF THE POWERS AND DUTIES
SET FORTH IN THIS ACT, AND THIS ACT SHALL BE CONSTRUED LIBERALLY
TO EFFECT ITS PURPOSES.

31-102.

(A)  UNLESS THE CONTEXT CLEARLY REQUIRES OTHERWISE, IN THIS
ACT THE FOLLOWING WORDS HAVE THE MEANINGS INDICATED.

(B)  "AUTHORITY" MEANS "PRINCE GEORGE'S COUNTY SUPPLEMENTAL
HIGHER EDUCATION LOAN AUTHORITY".

(C)  "AUTHORITY LOANS" MEANS LOANS BY THE AUTHORITY TO
BORROWERS OR TO LENDING INSTITUTIONS FOR THE PURPOSE OF FUNDING
EDUCATION LOANS.

(D)   'BONDS" MEANS BONDS, NOTES, OR OTHER EVIDENCES OF
OBLIGATION OF THE AUTHORITY ISSUED UNDER THIS SUBTITLE,
INCLUDING, WITHOUT LIMITATION, BOND OR REVENUE ANTICIPATION
NOTES, NOTES IN THE NATURE OF COMMERCIAL PAPER, AND REFUNDING
BONDS.

(E)  "BOND RESOLUTION" MEANS THE RESOLUTION OR RESOLUTIONS
OF THE AUTHORITY AND THE INDENTURE OR TRUST AGREEMENT, IF ANY,
AUTHORIZING THE ISSUANCE OF AND PROVIDING FOR THE TERMS AND
CONDITIONS APPLICABLE TO BONDS.

(F)  "BORROWER" MEANS ANY PERSON EXECUTING AN EDUCATION LOAN
AS AN OBLIGOR THEREUNDER.

(G)  "COST OF ATTENDANCE" MEANS THE TUITION AND FEES
APPLICABLE TO A STUDENT, TOGETHER WITH THE PARTICIPATING
INSTITUTION'S ESTIMATE OF OTHER EXPENSES REASONABLY RELATED TO
COST OF ATTENDANCE AT THAT INSTITUTION INCLUDING, WITHOUT
LIMITATION, THE COST OF ROOM AND BOARD, TRANSPORTATION, AND BOOKS
AND SUPPLIES.