N.Y. Comp. Codes R. & Regs. tit. 21 § 4215.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 4215.3 - Establishment of trust fund

(a) The corporation shall establish the trust fund for the deposit of trust fund proceeds. The trust fund proceeds shall be distributed among and deposited in minority and women revolving loan trust fund accounts maintained by the corporation in such amounts as the corporation may determine, and in administrative expense trust fund accounts established and maintained by the corporation pursuant to section 4215.4 of this Part. The number of minority and women revolving loan trust fund accounts and administration expense trust fund accounts established by the corporation with trust fund proceeds from the trust fund appropriation shall be limited to the number set forth in said appropriation. The number of minority and women revolving loan trust fund accounts and administrative expense trust fund accounts established by the corporation with trust fund proceeds from the trust fund reappropriation shall be limited to the number set forth in said reappropriation.

(b) The trust fund proceeds deposited in a minority and women revolving loan trust fund account shall be used solely for the purposes set forth in section 4215.6 of this Part by administering corporations that are selected by the corporation in accordance with section 4215.5 of this Part and serve service delivery regions for which a minority and women revolving loan trust fund account is established. Any repayments of loans received by administering corporations shall be paid to the corporation for redeposit in the minority and women revolving loan trust fund account from which such loan was advanced.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4215.3