[§201H-80]  Housing finance revolving fund;
bond special funds.  (a)  There is created a housing finance revolving fund
to be administered by the corporation.  Notwithstanding sections 36-21 and
201H-191, the proceeds in the fund shall be used for long-term and other
special financings of the corporation and for the necessary expenses in
administering this part.



(b)  All moneys received and collected by the
corporation, not otherwise pledged or obligated nor required by law to be
placed in any other special fund, shall be deposited in the housing finance
revolving fund.



(c)  A separate special fund shall be
established for each housing project or system of housing projects or loan
program financed from the proceeds of bonds secured under the same trust indenture. 
Each fund shall be designated "housing project bond special fund" or
"housing loan program revenue bond special fund", as appropriate, and
shall bear any additional designation as the corporation deems appropriate to
properly identify the fund.



(d)  Notwithstanding any other law to the
contrary, all revenues, income, and receipts derived from a housing project or
system of projects or loan program financed from the proceeds of bonds or
pledged to the payment of the principal of and interest and premium on bonds,
shall be paid into the housing project bond special fund or housing loan
program revenue bond special fund established for the housing project or system
of projects or loan program and applied as provided in the proceedings
authorizing the issuance of the bonds. [L 2006, c 180, pt of §4]



 



Note



 



  Transfer of certain interest earnings to general fund until
June 30, 2015.  L 2009, c 79, §30(a)(12).