§ 222 - Industrial building mortgage insurance fund - Vermont Statutes

§ 222. Industrial building mortgage insurance fund

There is hereby created an industrial building mortgage insurance fund, hereinafter called the fund, which shall be used by the authority as a nonlapsing revolving fund for the purposes of this subchapter. To the fund may be charged any operating expenses of the authority, and to it shall be charged all interest and principal payments required to be paid under any insurance contract. To it shall be credited all income of the authority under this subchapter, including mortgage insurance premiums and proceeds from the sale, disposal, or lease of projects, and amounts transferred to the authority under the provisions of section 223 of this title. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 6, eff. March 27, 1975; 2005, No. 6, § 87a, eff. March 26, 2005.)