§516-101 Revenue bonds; authorization. (a) The corporation, with the approval of the governor, may issue from time to time revenue bonds in amounts not exceeding the total amount of bonds authorized to be issued by the legislature for the purpose of undertaking and maintaining any of the acquisition loan programs. (b) All revenue bonds shall […]
§516-102 Revenue bonds; payment and security. (a) The revenue bonds shall be payable from and secured by the revenues derived from the benefits of the acquisition loan programs for which the revenue bonds are issued, including: (1) Any payment made for eligible loans or other agreements entered into for the acquisition loan programs; (2) Revenues […]
§516-103 Revenue bonds; interest rate, price, and sale. (a) The revenue bonds shall bear interest at a rate or rates payable monthly, quarterly, or semiannually. (b) The corporation shall include the costs of undertaking and maintaining the acquisition loan programs for which the revenue bonds are issued in determining the principal amount of revenue bonds […]
§516-104 Revenue bonds; investment of proceeds and redemption. Subject to any agreement with the holders of its revenue bonds, the corporation may: (1) Invest its moneys not required for immediate use, including proceeds from the sale of any revenue bonds, in accordance with section 201H-77; and (2) Purchase its revenue bonds out of any fund […]
§516-107 Trustee; designation, duties. (a) The corporation shall designate a trustee for each issue of revenue bonds secured under the same trust indenture; provided that the trustee shall be approved by the director of finance. (b) The trustee shall be authorized by the corporation to receive and receipt for, hold, and administer the proceeds of […]
§516-108 Trust indenture. (a) A trust indenture may contain covenants and provisions authorized by part III of chapter 39, and as deemed necessary or convenient by the corporation for the purposes of this part. (b) A trust indenture may allow the corporation to pledge and assign to the trustee loans and other agreements related to […]
§516-111 Revenue bonds; special funds. A separate special fund shall be established in accordance with section 39-62 for each acquisition loan program or part thereof financed from the proceeds of the revenue bonds secured under the same trust indenture. [L 1983, c 270, pt of §1; am L 1987, c 337, §16; am L 1988, […]
§516-121 Acquisition loan programs; procedures and requirements. (a) The corporation shall establish procedures for: (1) The submission of requests or the invitation of proposals for loans to mortgage lenders; (2) The purchase of existing loans by auction, invitation of tenders, or negotiation; (3) The making of advance commitments to purchase and the purchasing of eligible […]
§516-122 Acquisition loan programs; general powers. (a) The corporation may make, enter into, and enforce all contracts or agreements which are necessary, convenient, or desirable for the purposes of the performance of its duties in executing the acquisition loan programs. (b) The corporation may require representations and warranties as it determines necessary to secure its […]
§516-123 Acquisition loan programs; self supporting. The interest rate, fees, charges, premiums, and other terms of the loans made under the acquisition loan programs shall be at least sufficient to pay the cost of administering and maintaining the portion of the specific acquisition loan programs for which the revenue bonds have been issued, and to […]
§516-124 Acquisition loan programs; fees. The corporation may establish, revise, charge, and collect fees, premiums, and charges as necessary, reasonable, or convenient, for its acquisition loan programs. The fees, premiums, and charges shall be deposited into the fee title acquisition loan program revenue bond special fund established for the particular acquisition loan program or part […]
§516-125 Acquisition loan programs; evidence of eligible loan. (a) Each mortgage lender who participates in any acquisition loan program shall submit evidence, as deemed satisfactory by the corporation, that eligible loans have been made from the proceeds of the revenue bonds. (b) The corporation may inspect the books and records of the mortgage lenders as […]
§516-131 Loans to lenders program. (a) The corporation may make loans to mortgage lenders under terms and conditions requiring that the loan proceeds be used within a time period prescribed by the corporation to make eligible loans in an aggregate principal amount substantially equal to the amount of the loan. (b) The loan made to […]
§516-132 Loan to lenders program; collateral security. (a) Loans made to mortgage lenders additionally may be secured by a pledge of a lien upon collateral security in an amount as the corporation deems necessary to assure the payment of principal of and interest on the loans as they become due. (b) The corporation shall determine […]
§516-141 Purchase of existing loans program. (a) The corporation may contract with a mortgage lender to purchase, in whole or in part, existing loans, whether or not eligible loans. The contract may contain provisions as determined by the corporation to be necessary or appropriate to provide security for its revenue bonds, including but not limited […]
§516-151 Advance commitments program. (a) The corporation may contract with a mortgage lender for the advance commitment to purchase eligible loans. (b) The contract may contain provisions as determined by the corporation to be necessary or appropriate to provide security for its revenue bonds. [L 1983, c 270, pt of §1; am L 1987, c […]
§516-161 Eligible loan funding program. (a) The corporation may make or contract directly with mortgage lenders to fund eligible loans. (b) The contract may contain provisions as determined by the corporation to be necessary or appropriate to provide security for its revenue bonds. [L 1983, c 270, pt of §1; am L 1987, c 337, […]
§516-171 Loans; service and custody. The corporation may contract for the service and custody of its loans. The contract may provide for the payment of fees or charges for the services rendered; provided that the fees or charges shall not exceed the usual, customary, and reasonable charges for the services rendered. [L 1983, c 270, […]
§516-172 Loans; sale, pledge, or assignment. (a) Subject to any agreement with the holders of its revenue bonds, the corporation may sell its loans at public or private sale at a price and upon terms and conditions as it determines. (b) Subject to any agreement with the holders of its revenue bonds, the corporation may […]
§516-173 Loans; insurance and guarantees. The corporation may procure insurance or guarantees against any default of its loans, in amounts and from insurers or guarantors, as it deems necessary or desirable. [L 1983, c 270, pt of §1; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2005, c 196, […]
