234.55 Housing rehabilitation loan program bond redemption fund.

259 words·~1 min read·/wi/chapter-234/234-55

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The authority shall establish the housing rehabilitation loan program bond redemption fund. All housing rehabilitation loans purchased with moneys from the housing rehabilitation loan fund or notes evidencing loans to lenders from such fund for housing rehabilitation loans shall be the exclusive property of such redemption fund. All moneys received from the repayment of such loans, any amounts transferred by the authority to such fund pursuant to s. 234.52 or from other funds or sources, any federal insurance or guarantee payments with respect to such loans, all moneys resulting from the sale of bonds for the purpose of refunding outstanding housing rehabilitation bonds unless credited to the housing rehabilitation loan program capital reserve fund, any other moneys which may be available to the authority for the purpose of such fund, and all moneys received from the repayment of loans provided under ss. 234.045 and 234.53

(2m)shall be deposited into such fund to be used for the repayment of housing rehabilitation bonds issued under the authority of s. 234.50 .

(2)Subject to agreements with bondholders and except as provided in sub.

(3), the authority may use moneys in the fund solely:

(a)For the payment of the principal of and interest on housing rehabilitation bonds of the authority when the same become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid when such bonds are redeemed prior to their stated maturities, and to purchase such bonds;