The authority also shall have power: (a) To make loans to any participating private college, participating nonprofit entity, or university applicant for the acquisition or construction of projects in accordance with a loan agreement and in accordance with plans and specifications that shall be subject to approval by the authority. No loan shall exceed the total cost of the project and the equipment therefor as determined by the authority. Each loan shall be premised upon an agreement between the authority and the participating private college, participating nonprofit entity, or university applicant as to payment, security, maturity, redemption, interest, and other appropriate matters. (b) To make loans to any participating private college, participating nonprofit entity, or university applicant to refund existing bonds, mortgages, or advances or other obligations incurred, given, or made by the private college, participating nonprofit entity, or university applicant for the acquisition or construction of any projects. (c) To make loans to any participating private college for working capital in accordance with a loan agreement. Each loan shall be premised upon an agreement between the authority and the participating private college as to payment, security, maturity, redemption, interest, and other appropriate matters. (d) To make loans to any participating private college to refund existing bonds, mortgages, or advances or other obligations incurred, given, or made by the participating private college for working capital.
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