Sec. 8-405. Private Rental Investment Mortgage and Equity Fund.
Sec. 8-405. Private Rental Investment Mortgage and Equity Fund. The proceeds from the sale of any bonds issued for the purposes of sections 8-401 and 8-403,
issued pursuant to any authorization, allocation or approval of the State Bond Commission made prior to July 1, 1990, and of any notes issued in anticipation thereof as may
be required for such purposes shall be applied to the payment of the principal of any
such notes then outstanding and unpaid, and the remaining proceeds of any such sale
shall be deposited in a fund designated as the "Private Rental Investment Mortgage and
Equity Fund" which fund shall be used to make loans or grants authorized by sections
8-401 and 8-403. Payments from the Private Rental Investment Mortgage and Equity
Fund to the developer or the authority shall be made by the State Treasurer on certification of the Commissioner of Economic and Community Development in accordance
with the contract for financial assistance between the state and the authority or the
developer. All payments of state service charges for any housing project as authorized
by the commissioner financed from the proceeds of the state's general obligation bonds
issued pursuant to any authorization, allocation or approval of the State Bond Commission made prior to July 1, 1990, shall be paid to the State Treasurer for deposit in said
fund. Subject to the approval of the Governor, any expense incurred by the state in
connection with the carrying out of the provisions of this chapter, including the hiring
of necessary employees and entering upon necessary contracts, may be paid from the
Private Rental Investment Mortgage and Equity Fund.
(P.A. 88-261, S. 6, 8; P.A. 89-300, S. 2, 3; P.A. 90-238, S. 24, 32; P.A. 94-95, S. 6; P.A. 95-250, S. 1; P.A. 96-211, S.
1, 5, 6.)
History: P.A. 89-300 amended Subsec. (a) to provide that state expenses incurred in carrying out the provisions of
chapter shall be paid from the private rental investment mortgage and equity fund; P.A. 90-238 revised provisions re state
service fees and allocation of moneys to various housing funds; P.A. 94-95 deleted former Subsec. (b) which had authorized
investment of fund moneys in direct obligations of the United States; P.A. 95-250 and P.A. 96-211 replaced Commissioner
and Department of Housing with Commissioner and Department of Economic and Community Development.