(a) (1) The Authority shall fix, revise, charge and collect fees and charges for its services and operations and may contract with any person in connection therewith without supervision or regulation by any unit of state government. (2) Any agreement entered into by the Authority with an institution shall provide that the fees and other amounts payable by the institution with respect to any program of the Authority shall be sufficient at all times: a. To pay its share of the administrative costs and expenses of the Authority; b. To pay when due the principal of and the interest on its share of outstanding bonds of the Authority issued in respect of the program and the redemption price or purchase price of any bonds to be retired by call or purchase, to the extent that other revenues of the Authority pledged for the payment of the bonds may not be sufficient for that purpose; c. To create and maintain reserves which may, but need not, be required or provided for in a bond resolution; and d. To establish and maintain whatever education loan servicing, control or audit procedures are appropriate to the prudent operations of the Authority. (b) (1) A pledge by the Authority of revenues as security for an issue of bonds shall be valid and binding from the time when the pledge is made. (2) The revenues pledged shall immediately be subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge shall be valid and binding against any person having any claim of any kind in tort, contract or otherwise against the Authority or any participating institution, irrespective of whether the person has notice. (3) No bond resolution, trust agreement or financing statement, continuation statement or other instrument adopted or entered into by the Authority need be filed or recorded in any public record other than the records of the Authority in order to perfect the lien against third persons, regardless of any contrary provision of public law. (c) (1) All moneys received by or on behalf of the Authority under this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. (2) Any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as trustee of the moneys and shall hold and apply them for the purposes provided in the chapter and any applicable bond resolution or trust agreement.
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