2642                                          LAWS OF MARYLAND                                      Ch. 704

THE INSTITUTION AFFILIATE CONTROLLED BY SUCH INSTITUTION OR
INSTITUTIONS IS DESIGNATED AS A LENDING INSTITUTION, A
SUBSTANTIAL NUMBER OF RESIDENTS OF THE COUNTY AS FULL-TIME
STUDENTS AND THAT HAS BEEN DESIGNATED BY THE AUTHORITY TO BE THE
RECIPIENT OF AN AUTHORITY LOAN.

(R) "LOAN FUNDING DEPOSIT" MEANS MONEYS OR OTHER PROPERTY
DEPOSITED BY A LENDING INSTITUTION OR A PARTICIPATING INSTITUTION
WITH THE AUTHORITY OR A TRUSTEE, IN AMOUNTS THE AUTHORITY
DETERMINES NECESSARY AS A CONDITION FOR AN INSTITUTION'S
PARTICIPATION IN THE AUTHORITY'S PROGRAMS TO:

(1)  PROVIDE SECURITY FOR BONDS;

(2)  FUND A DEFAULT RESERVE FUND;

(3)  ACQUIRE DEFAULT INSURANCE; OR

(4)  DEFRAY COSTS OF THE AUTHORITY.

(S) "PARTICIPATING INSTITUTION" MEANS AN INSTITUTION
DESIGNATED BY THE AUTHORITY AT WHICH A STUDENT'S COST OF
ATTENDANCE MAY BE PAID IN WHOLE OR IN PART FROM THE PROCEEDS OF
AN EDUCATION LOAN.

(T) "PERSON" MEANS AND INCLUDES NATURAL PERSONS, FIRMS,
ASSOCIATIONS, CORPORATIONS, BUSINESS TRUSTS, PARTNERSHIPS, AND
PUBLIC BODIES.

(U) "STATE" MEANS THE STATE OF MARYLAND, THE GOVERNOR OF
THE STATE OF MARYLAND, AND ANY DEPARTMENT OF OR CORPORATION,
AGENCY, OR INSTRUMENTALITY HERETOFORE OR HEREAFTER CREATED,
DESIGNATED OR ESTABLISHED BY THE STATE OF MARYLAND.

31-103.

(A)  PRINCE GEORGE'S COUNTY IS HEREBY AUTHORIZED TO CREATE A
BODY CORPORATE AND POLITIC TO BE KNOWN AS THE "PRINCE GEORGE'S
COUNTY SUPPLEMENTAL HIGHER EDUCATION LOAN AUTHORITY" WHICH SHALL
BE AUTHORIZED TO EXERCISE ANY OR ALL OF THE POWERS SET FORTH IN
THIS SUBTITLE WITHIN THE LIMITATIONS AND UPON THE TERMS AND
CONDITIONS HEREIN SET FORTH ONLY UPON THE ENACTMENT BY THE COUNTY
COUNCIL, THE APPROVAL BY THE COUNTY EXECUTIVE, AND THE TAKING
EFFECT OF AN ORDINANCE THAT CREATES THE AUTHORITY AND IRREVOCABLY
APPROVES THE EXERCISE BY THE AUTHORITY OF ALL POWERS SET FORTH IN
THIS SUBTITLE WITHIN THE LIMITATIONS AND UPON THE TERMS AND
CONDITIONS HEREIN SET FORTH.

(B)  UPON THE CREATION OF THE AUTHORITY AS AUTHORIZED IN
SUBSECTION (A) OF THIS SECTION, THE AUTHORITY SHALL CONSTITUTE A
PUBLIC INSTRUMENTALITY OF PRINCE GEORGE'S COUNTY, AND THE
EXERCISE BY THE AUTHORITY OF THE POWERS SET FORTH IN THIS
SUBTITLE IS THE PERFORMANCE OF AN ESSENTIAL PUBLIC FUNCTION.

31-104.