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1998 SESSION

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HB 1342 Housing Development Authority; powers.

Introduced by: Alan A. Diamonstein | all patrons    ...    notes | add to my profiles

SUMMARY:

VHDA; powers. Authorizes VHDA to enter into agreements with the federal government or other parties for the provision by VHDA of services and assistance in the modification of a debt or in the improvement of the financial or physical condition of any housing development, including developments owned, financed or assisted by the federal government or financed by a mortgage loan insured by the federal government. The bill authorizes the inclusion in such agreements of indemnification by VHDA against liabilities and costs in connection with the provision of such services and assistance. The bill provides that the purchase or ownership by VHDA of any of its notes or bonds with the intent that such notes or bonds remain outstanding, after written notice to the trustee, shall not cause the notes or bonds to be cancelled or extinguished except under certain circumstances. The bill also provides that VHDA (i) may deposit its funds in federal home loan banks; (ii) may invest its moneys in (a) obligations or securities considered lawful investments for fiduciaries, (b) investments authorized for public funds, and (c) any other investments authorized for moneys held under any bond resolution or trust indenture which have long-term ratings of at least AA or Aa by two rating agencies, one of which must be Moody's Investors Services, Inc., or Standard & Poor's Ratings Group; and (iii) may contract with lenders other than the holders of its notes and bonds for the custody, collection, securing, investment and payment of moneys of VHDA.


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