Section 234.52. Housing rehabilitation loan program loan-loss reserve fund; establishment and use.

 

(1)  There is established under the jurisdiction of the authority a housing rehabilitation loan program loan-loss reserve fund. There shall be paid into such fund the amounts appropriated under s. 20.490 (2) (q) , the amounts provided under s. 234.55 , any amounts transferred by the authority to such fund from other funds or sources and any other moneys which may be available to the authority for the purposes of such fund from any other source.

(2)  Subject to agreements with bondholders, the authority shall use moneys in the fund solely for transfer to the housing rehabilitation loan program bond redemption fund in amounts equal to losses on housing rehabilitation loans owned by that fund which are not made good by federal insurance or guarantee payments, and solely for the purposes described in s. 234.55 (2) (a) . Any balance remaining after payment or due provision for payment of all outstanding bonds issued under the authority of s. 234.50 shall be transferred to the housing rehabilitation loan program administration fund.

(3)  Moneys of the fund may be invested as provided in s. 234.03 (18) . All such investments shall be the exclusive property of the fund. All earnings on or income from such investments shall be credited to the fund.

1977 c. 418 ; 1985 a. 29 s. 3200 (28) ; 1999 a. 9 .