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This entry was published on 2014-09-22
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Special revenue housing coverage reserve funds
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 3
§ 58. Special revenue housing coverage reserve funds. The agency may
create and establish one or more special funds to be known as special
revenue housing coverage reserve funds and may pay into such reserve
funds any monies appropriated and made available by the state for the
purpose of such funds and any other monies which may be made available
to the agency for the purposes of such funds from any other source or
sources. The monies held in or credited to any such fund, except as
hereinafter provided, shall be used solely for the payment of the
principal of or interest on the revenue housing bonds of the agency
secured by such fund as the same shall become due, whether at maturity
or upon call for redemption, and for the payment of any redemption
premium required to be paid when such bonds are redeemed prior to
maturity. Any income or interest earned by, or increment to any such
special revenue housing coverage reserve fund may be used for authorized
purposes including, but not limited to, the addition of such income or
interest earned, or increment to the monies held in such fund for the
purposes herein provided, or the repayment of appropriation expenditures
made to the credit of such fund.