Section 25.41. State housing authority reserve fund.

 

(1)  All moneys appropriated or transferred by law; all moneys received from the federal government, from the state housing and economic development authority, or from any other source for the purpose of the state housing authority reserve fund; and all income or interest earned by, or increment to the state housing authority reserve fund due to the investment thereof shall constitute the state housing authority reserve fund which shall be used only as provided in this section.

(2)  Except for the purpose of investment as provided in s. 25.17 (2) (c) , moneys in the fund shall be used only for the purpose of funding the appropriation to the housing rehabilitation loan program loan loss reserve fund under s. 20.490 (2) (q) . Nothing in this section may be construed as limiting the power of the legislature, at any time, to abolish the fund.

(3)  Subject to s. 25.17 (2) (c) , the board has exclusive control of the investment and collection of the principal and interest of all moneys invested from the fund and shall invest in investments authorized under s. 25.17 (3) (b) .

1977 c. 418 ; 1983 a. 81 s. 11 ; 1983 a. 83 s. 20 .