N.Y. Urban development guarantee fund of New York 175/68 § 6: Loan guarantee fund

§ 6. Loan guarantee fund. The fund shall establish a loan guarantee

fund. The loan guarantee fund shall be a non-lapsing, revolving fund to

be used for the purpose of carrying out the provisions of this act. To

such loan guarantee fund shall be charged payments required by loan

defaults. To such loan guarantee fund shall be credited all receipts of

the fund, other than receipts allocated for the payment of current

operating expenses, including loan guarantee premiums, gifts, grants or

loans, proceeds of the sale of debentures by the fund, and proceeds from

the sale, disposal, lease or rental of real or personal property which

the fund may receive under the provisions of this act. Monies of the

loan guarantee fund, not needed to meet current obligations of the fund,

shall be deposited to the credit of such loan guarantee fund and may be

invested as the directors of the fund shall determine.