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234.51

234.51 Housing rehabilitation loan program administration fund; establishment and use.

234.51(1)

(1) There is established under the jurisdiction of the authority a housing rehabilitation loan program administration fund. There shall be paid into such fund the amounts appropriated under s. 20.490 (2) (a), the amounts provided in 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 purpose of such fund from any other source.

234.51(2)

(2) Subject to agreements with bondholders, the authority shall use moneys in the fund solely for the following purposes:

234.51(2)(a)

(a) To pay all administrative costs, expenses and charges, including origination fees and servicing fees, incurred in conducting the housing rehabilitation loan program other than those described in ss. 234.53 (4) and 234.55 (2) (b).

234.51(2)(b)

(b) To transfer annually to the general fund, beginning no later than October 1, 2000, all moneys in the housing rehabilitation loan program administration fund that are no longer required for the housing rehabilitation loan program.

234.51(3)

(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.

234.51 - ANNOT.

History: 1977 c. 418; 1981 c. 349; 1985 a. 29; 1999 a. 9.