18.81(1)(1) “Commission” means the building commission. 18.81(2)(2) “Eligible educational institution” means a regionally accredited, nonprofit, postsecondary educational institution. 18.81(3)(3) “Higher education bond” means obligations designated by the commission under s. 18.82. 18.81 HistoryHistory: 1989 a. 46. 18.8218.82 Bond designation. The commission may designate any obligation authorized and issued under subch. I or II as a higher education bond. 18.82 HistoryHistory: 1989 a. 46. 18.82218.822 Debt requirements. The authorizing resolution for an obligation under this subchapter shall require that all of the following conditions be met: 18.822(1)(1) The terms of the obligation are structured to encourage ownership by as many individuals as possible. 18.822(2)(2) The evidences of the obligation are issued in denominations of not more than $1,000. 18.822 HistoryHistory: 1989 a. 46. 18.8318.83 Redemption. The commission may provide that higher education bonds may be presented for payment before maturity to any eligible educational institution for tuition, fees and other educationally related costs owed that eligible educational institution plus an allowance for other educationally related costs such as room and board, books and supplies and other miscellaneous expenses owed to any person except that eligible educational institution, subject to any requirement of the commission. The commission may treat higher education bonds presented for payment under this section as still outstanding, even though owned by the state, and the commission may resell such higher education bonds or fund or refund such higher education bonds through the issuance of other obligations. If obligations are issued to fund or refund such higher education bonds, such obligations shall be treated as issued for the purpose of funding, not refunding, for all purposes under this chapter and ch. 20. 18.83 HistoryHistory: 1989 a. 46. 18.8418.84 Schools as bond trustees or fiscal agents; contracts. Notwithstanding s. 18.10 (8), the commission may designate any eligible educational institution as a trustee or fiscal agent for any issue of higher education bonds and may enter into any contract with any eligible educational institution to satisfy the purposes of this subchapter. 18.84 HistoryHistory: 1989 a. 46. 18.8518.85 Facilities. The commission may enter into agreements and ancillary arrangements for public debt under this subchapter, including liquidity facilities, remarketing or dealer agreements, letter of credit agreements and line of credit agreements. 18.85 HistoryHistory: 1989 a. 46. 18.852(1)(1) The commission may establish any procedure necessary to administer this subchapter. 18.852(2)(2) The sale of any bond, authorized and issued under subch. I and designated by the commission under s. 18.82 as a higher education bond, shall be private. 18.852 HistoryHistory: 1989 a. 46, 68, 359.