Sec. 18.56.450. Operating loss reserve account.
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Sec. 18.56.450. Operating loss reserve account.
(a)There is established an operating loss reserve account for the purpose of meeting legal expenses incurred through the foreclosure of properties acquired by the corporation under AS 18.56.400
(6)and making repairs to these properties so that they may be sold to new buyers.
(b)The operating reserve loss account consists of money appropriated to it by the legislature and deposited in it by the corporation. To the extent that money is paid out of the operating loss reserve account for the purposes stated in this section, this money shall be replaced with money received as interest on loans authorized by AS 18.56.400 — 18.56.600.