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2013 SESSION

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(HB2005)

GOVERNOR'S RECOMMENDATION

 

    1. Line 2, enrolled, Title, after 36-142,

      insert

 

    2. Line 7, enrolled, after 36-142,

      insert

 

    3. Line 202, enrolled, after housing.

      insert

        Moneys required by the HDA to fund such loans and perform loan closing and disbursement services shall be transferred from the Fund to the HDA.

 

    4. Line 211, enrolled, after to

      insert

        contract with or

 

    5. Line 216, enrolled, after Fund

      strike

        the remainder of line 216 and through rendered on line 217

      insert

        , including reasonable fees and costs of the HDA

 

    6. Line 222, enrolled, after E.

      strike

        Prior

      insert

        In any year prior

 

    7. Line 222, enrolled, after any

      insert

        general

 

    8. Line 222, enrolled, after Fund

      insert

        for the next succeeding fiscal year

 

    9. Line 223, enrolled, after outlining

      strike

        its

      insert

        the

 

    10. Line 223, enrolled, after uses of

      strike

        the Fund

      insert

        such funds

 

    11. At the beginning of line 226, enrolled

      insert

        § 36-143. Deposit of money; expenditures; investments.

        All money belonging to transferred to the control of the HDA from the Fund shall be deposited in an account or accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director of the HDA or other officers or employees designated by the Commissioners of the HDA. All deposits of money shall, if required by the Director of the Department of Housing and Community Development, be secured in a manner determined by the Director of the Department of Housing and Community Development to be prudent. All banks, trust companies and savings and loan associations are authorized to give security for the deposits. Money in the Fund shall not be commingled with other money of the HDA. Money in the Fund not needed for immediate use or disbursement may be invested or reinvested by the HDA at the direction and guidance of the Director of the Department of Housing and Community Development in obligations or securities which are considered lawful investments for public funds under the laws of the Commonwealth. All interest and earnings accrued from investments of moneys from the Fund shall be used to increase the amount available in the Fund.

        An independent certified public accountant selected by the HDA, shall annually audit the accounts of any portion of the Fund transferred to the control of the HDA, and the cost of such audit services shall be borne by the HDA and be paid from moneys designated for such purposes in the Fund. The audit shall be performed at least each fiscal year, in accordance with generally accepted auditing standards and, accordingly, include such tests of the accounting records and such auditing procedures as considered necessary under the circumstances. Such audit shall be reviewed by the Auditor of Public Accounts. The HDA shall furnish copies of the audit to the Governor and to the Board.

        § 36-145. Collection of money due Fund.

        The HDA is empowered to collect, or to authorize others to collect on its behalf, amounts due to the Fund under any loan made to a housing sponsor or a person or family of low or moderate income and funded from the portion of the Fund transferred to its control in order to obtain payment of any amounts in default. Proceedings to recover amounts due to the Fund may be instituted by the HDA in the name of the Fund in the appropriate circuit court.

        Subject to any restrictions which may apply to the use of money in the Fund, the Board in its discretion may approve the use of money in the Fund to make grants or appropriations to housing sponsors and persons and families of low and moderate income to provide assistance for the acquisition, construction, improvement, ownership or occupancy of housing developments and residential housing for persons and families of low and moderate income. Grants shall be disbursed from the Fund by the HDA State Treasurer in accordance with the directions of the Director of the Department of Housing and Community Development.

        § 36-148. Pledge of assets to secure bonds of the HDA.

        The HDA is empowered at any time and from time to time to transfer, upon the direction of the Director of the Department of Housing and Community Development, from the portion of the Fund under its control to banks or trust companies designated by the HDA any or all of the assets of the Fund to be held in trust as security for the payment of the principal of and premium, if any, and interest on any or all of the bonds of the HDA. The interests of the Fund in any assets so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets transferred or held in trust may be applied by the trustee thereof to the payment of the principal of and premium, if any, and interest on such bonds of the HDA to which the assets have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of and premium, if any, and interest on such bonds of the HDA. Any assets of the Fund transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund but shall be subject to the pledge to secure the bonds of the HDA and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before January 10 of each year, the HDA shall transfer, or shall cause the trustee to transfer, to the Fund any assets transferred or held in trust as set forth above which are no longer required to be held in trust pursuant to the terms of the pledge.

        § 36-149. Formation of corporation.

        For the purposes set forth in §§ 36-141 through 36-148, the HDA may form a corporation to administer and manage the portion of the Fund under its control in accordance with the provisions thereof and to exercise and perform any or all of the powers and duties provided therein. Such corporation shall be under the control and supervision of the HDA. Such corporation shall have such of the powers and duties of the HDA set forth in the above referenced sections as HDA shall delegate to such corporation and such other powers and duties as shall be provided by the documents and instruments creating and governing the corporation and by applicable state law. The provisions of the above referenced sections authorizing or requiring the HDA to exercise any power or to perform any duty shall be deemed to authorize or require such corporation to exercise any such power or to perform any such duty as shall be delegated by the HDA to such corporation.

        On or before September 30 of each year, the HDA shall report to the Board on the status of the Fund. On or before December 1 of each year, the Board Department shall report to the Secretary of Commerce and Trade, the Governor and the Chairmen of the House Appropriations and the Senate Finance Committees on the matters set forth in the report of the HDA and on such other matters regarding the Fund as the Board Department may deem appropriate, including the status of the former Housing Partnership Fund, or other items as may be requested by any of the foregoing persons to whom such report is to be submitted.

 

    12. Line 257, enrolled, after Fund

      insert

        established pursuant to Chapter 9 (§ 36-141 et seq.) of Title 36

 

    13. Line 327, enrolled, after Fund

      strike

      insert

        established pursuant to Chapter 9 (§ 36-141 et seq.) of Title 36