All money received by the Oklahoma Student Loan Authority as repayment of student loans granted under the Oklahoma Student Loan Act and interest on the loans shall be credited to the "Student Loan Sinking Fund" of the Authority. The resolution authorizing the issuance of the bonds may provide for deposit from bond proceeds of not to exceed twenty-four (24) months' interest, and may provide for use of bond proceeds as a reserve for the payment of principal and interest on the bonds. The Authority shall pay or cause to be paid from the "Student Loan Sinking Fund" the principal and interest on the bonds as they mature and come due.
Amended by Laws 1987, c. 81, § 7, operative July 1, 1987.
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