Wis. Admin. Code Department of Administration § Adm 85.08 - Reserve fund

Current through March 28, 2022

(1) The reserve fund required to be established by the borrower under s. 231.35(3) (i), Stats., shall be deposited in an account controlled by the authority.
(2) If a guarantee is required to be paid under the terms of an agreement entered into between the authority and a participating lender, payment shall first be made out of the account established under sub. (1). If payment is still required under the terms of the agreement after the account established under sub. (1) is depleted then payment shall next be made by the authority under the guarantee established pursuant to s. 231.35(4) (a), Stats. If payment is still required under the terms of the agreement after the guarantee established pursuant to s. 231.35(4) (a), Stats., is depleted then, the remaining required payment shall be made under the guarantee established by the community or another third party pursuant to s. 231.35(3) (g), Stats.
(3) All principal and interest in the account established under sub. (1) that has not been required to be spent under sub. (2) shall be returned to the borrower no later than 60 days after the loan has been completely repaid.

Notes

Wis. Admin. Code Department of Administration § Adm 85.08
Cr. Register, January, 1992, No. 433, eff. 2-1-92. Amended by, correction in (2) made under s. 13.92(4) (b) 7., Stats., Register November 2018 No. 755, eff. 12/1/2018

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