1997 Minnesota Statutes

     462A.20 Housing development fund; creation, sources. 

    Subdivision 1.    Creation; revolving.  There is created 
 and established under the jurisdiction and control of the agency 
 a revolving fund to be known as the "housing development fund." 

    Subd. 2.    Which money in fund.  There shall be paid 
 into the housing development fund: 

    (a) Any moneys appropriated and made available by the state 
 for the purposes of the fund; 

    (b) Any moneys which the agency receives in repayment of 
 advances made from the fund; 

    (c) Any other moneys which may be made available to the 
 agency for the purpose of the fund from any other source or 
 sources; 

    (d) All fees and charges collected by the agency; 

    (e) All interest or other income not required by the 
 provisions of a resolution or indenture securing notes or bonds 
 to be paid into another special fund; but the agency shall not 
 expend money for its cost of general administration of agency 
 programs in any fiscal year in excess of such limit for such 
 fiscal year as may be established by law.  "Cost of general 
 administration of agency programs" does not include debt 
 service, amortization of deferred financing costs, loan 
 origination costs, professional and other contractual services, 
 any deposit or expenditure required to be made by the provisions 
 of a bond or note resolution or indenture, or any deposit or 
 expenditure made to preserve the security for the bonds or notes.

    Subd. 3.    Separate accounts; transfers; limits.  
 Whenever any money is appropriated by the state to the agency 
 solely for a specified purpose or purposes, the agency shall 
 establish a separate bookkeeping account or accounts in the 
 housing development fund to record the receipt and disbursement 
 of such money and of the income, gain, and loss from the 
 investment and reinvestment thereof.  The agency may transfer 
 unencumbered balances from one appropriated account to another, 
 provided that no money appropriated for the purpose of agency 
 loan programs may be transferred to an account to be used for 
 making grants, except that money appropriated for the purpose of 
 section 462A.05, subdivision 14a, may be transferred for the 
 purpose of section 462A.05, subdivision 15a.  

    HIST: 1971 c 702 s 20; 1973 c 515 s 35; 1974 c 441 s 18; 1977 
 c 401 s 14; 1981 c 306 s 10; 1Sp1985 c 13 s 342; 1987 c 384 art 
 1 s 39