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STATE OF N.C. v. U.S.

No. 88-961-CIV-5.

725 F.Supp. 874 (1989)

The STATE OF NORTH CAROLINA, and The North Carolina State Education Assistance Authority, Plaintiffs, v. The UNITED STATES of America; Lauro F. Cavazos, Secretary of the United States Department of Education; and the United States Department of Education, Defendants.

United States District Court, E.D. North Carolina, Raleigh Division.

July 20, 1989.

Attorney(s) appearing for the Case

Lacy H. Thornburg, Atty. Gen., Edwin M. Speas, Jr., Sp. Deputy Atty. Gen., Thomas J. Ziko, Asst. Atty. Gen., N.C. Dept. of Justice, Raleigh, N.C., for plaintiffs.

R.A. Renfer, Jr., Asst. U.S. Atty., Raleigh, N.C., Neil H. Koslowe, Special Litigation, Civil Div., Dept. of Justice, Washington, D.C., for defendants.

ORDER AND MEMORANDUM OPINION

TERRENCE WILLIAM BOYLE, District Judge.

On December 22, 1987, the Omnibus Budget Reconciliation Act of 1987 was enacted. Section 3001 (the "1987 Amendments") thereof provides for the recovery of excess cash reserves accumulated under the Guaranteed Student Loan Program. In effect, this produces a congressionally ordered ceiling on the amount of "excess cash reserves" that a state student loan guaranty agency may maintain. Reserves...

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