EXECUTIVE
ORDER EO 82-15
QUALIFIED
SCHOLARSHIP FUNDING BOND ORGANIZATION
The Washington Student Loan Guaranty Association was established in
1979 to guarantee student loans and to expand availability of guaranteed
student loans in Washington. This service of providing financial aid to
individuals to assist them in pursuing their college or university education
has brought tangible benefits to the state by developing the talents of those
individuals. However, in light of the limitations in existing grant, loan, and
work study programs, increased availability of loans is desirable.
Creation of an organization that could issue
qualified scholarship funding bonds in the state of Washington would serve to
expand further the availability of guaranteed student loans by increasing
capital available to lenders making such loans. A private non-profit entity
authorized to issue qualified scholarship funding bonds would be able to
finance itself without reliance on state financial support. To qualify for tax
exemption under the Internal Revenue Code, such an entity must be requested by
a state, but such a request does not incur the credit of the state.
NOW, THEREFORE,
I, John Spellman, Governor of the state of Washington, by virtue of the power
vested in me, and in accordance with Section 103 of Internal Revenue Code of
1954, as amended by P.L. 94.455, hereby request the Trustees of the Washington
Student Loan Guaranty Association (except those trustees affiliated with the
state of Washington) to organize a non-profit corporation that has authority to
issue qualified scholarship funding bonds in the state of Washington in order
to increase the availability of student loans financed from sources other than
the state.
No action of the organization created upon this
request shall be deemed a pledge of credit of the state, and no bonds issued by
such organization shall be deemed to be issued for or on behalf of the state.
IN WITNESS WHEREOF, I have hereunto
set my hand and caused
the seal of the State
of Washington to be affixed
at Olympia
this 3rd day of
September A.D., Nineteen hundred and eighty-two.
JOHN SPELLMAN
Governor of Washington
BY THE GOVERNOR:
_________________________________
Secretary of State
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