Sec. 45.98.010. Creation of historical district revolving loan fund.

117 words·~1 min read·/ak/title-45/chapter-98/45-98-010·

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(a)There is created in the Department of Commerce, Community, and Economic Development a historical district revolving loan fund. All principal and interest payments, and money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under this chapter, shall be paid into the historical district revolving loan fund.

(b)Money in the fund may be used by the legislature to make appropriations for costs of administering this chapter.

(c)On June 30 of each fiscal year the unexpended and unobligated cash balance of the fund that is attributable to loans owned by the fund lapses into the general fund.