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This entry was published on 2014-09-22
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SECTION 59
Bond reserve insurance fund
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 3
§ 59. Bond reserve insurance fund. The agency shall create and
establish a special fund, to be known as the bond reserve insurance fund
and shall pay into such fund all monies appropriated and made available
by the state for the purposes of such fund and any other monies which
may be made available to the agency for the purposes of such fund from
any other source or sources. All monies held in the bond reserve
insurance fund shall be used by the agency to meet the agency's
obligation to repay principal and interest on its outstanding bonds,
solely to the extent all other revenues of the agency available for such
purposes are not sufficient to meet such obligations of the agency. Any
income or interest earned by, or increment to the bond reserve insurance
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.