40 Tex. Admin. Code § 177.3 - Administration of Fund
(a) The veterans
housing assistance fund is defined by Natural Resources Code, §
162.002,
and Subchapter C (§§162.031-162.050).
(b) The proceeds from each bond sale shall be
part of the fund and shall first be used for the following purposes:
(1) to satisfy the reserve requirements of
the particular covenants associated with the sale;
(2) to set up the initial debt repayment
associated with each sale.
(c) After the requirements of subsection (b)
of this section have been satisfied, the board, with the assistance of the
administrator, shall monitor the cash flow requirements of the program and
shall administer the fund to:
(1) meet all
bond repayment requirements; and
(2) make money available as needed by the
program to make or acquire home loans as provided by Natural Resources Code,
Chapter 162, and this Chapter; and
(3) make money available as needed by the
program to make home improvement loans as provided by §
177.8
of this title (relating to Qualifying Homes).
(d) Any money in the fund not immediately
needed for the purposes described in subsections (b) and (c) of this section,
nor immediately committed to paying principal of and interest on the bonds, nor
the payment of expenses as provided in Natural Resources Code, Chapter 162, or
this chapter, may be invested in bonds or obligations of the United States or
in any other way not in conflict with the covenants or the Constitution and
laws of the State of Texas until needed for these purposes.
(e) The board may use money in the fund
attributable to bonds issued and sold to pay:
(1) expenses incidental and necessary to the
sale and delivery of the bonds, including but not limited to the following:
(A) fees for legal and financial
advice;
(B) the expense of
publishing notice of sale of an installment of bonds;
(C) the expense of printing the
bonds;
(D) the expense of
delivering the bonds, including the costs of travel, lodging, and meals of
officers or employees of the board, the state comptroller, the state treasurer,
and the attorney general, that are necessary in the opinion of the board to
effectuate the delivery of bonds;
(E) remuneration to any agent employed by the
board to pay the principal and interest on the bonds; and
(F) any other expenses deemed by the board to
be reasonable and necessary.
(2) expenses and fees of the administrator
for any additional services requested by the board which are not described in
the board's contract with the administrator as part of the administrator's
standard services. These additional services must not be in conflict with any
existing covenants or any board resolutions affecting the sale of bonds or
administration of the fund. All such additional services must be authorized and
requested by a resolution of the board.
(f) Money in the fund that is not spent for
the purposes provided in Natural Resources Code, Chapter 162, or this chapter,
shall remain in the fund until there is sufficient money to retire fully bonds
issued and sold by the board.
(g)
The board may by resolution make provisions for the administration of the fund.
In the event of any conflict between these rules and the provisions of a
resolution of the board pertaining to the administration of the fund, the
provisions of the board's resolution shall control.
Notes
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