Title 07 Finance
Chapter 07.08 Funds
Article III. Debt Service Funds
Section 07.08.203 HUD Section 108 Loan Guarantee Debt Fund
There is established a debt service fund to be known as the “HUD Section 108 loan guarantee debt fund” into which shall be deposited rent and guaranteed payments from the developer and interest earnings. The fund will be used to account for the loan receivable, debt service reserve account, debt service principal and interest payments and annual debt issue custodian fees.
Date Passed: Monday, May 7, 2007
Effective Date: Wednesday, June 20, 2007
Recodification ORD C34024 Section 1
