New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4215 - Minority And Women Revolving Loan Trust Fund
Section 4215.4 - Establishment and administration of administrative expense trust accounts
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The corporation shall establish an administrative expense trust fund account for each administering corporation selected pursuant to section 4215.5 of this Part.
(b) The initial deposit of trust fund proceeds into an administrative expense trust fund account shall be in an amount equal to $25,000. Such fund, and those funds deposited into said account pursuant to subdivisions (c) and (d) of this section, respectively, may be used by an administering corporation for the payment of administrative costs in the manner and at such times as are set forth elsewhere in this section.
(c) Interest accruing on trust fund proceeds on deposit in a minority and women revolving loan trust fund account during an administering corporation's first year of administering the financial assistance programs set forth hereunder shall be deposited in the administering corporation's administrative expense trust fund account for the payment of administrative costs incurred by an administering corporation in administering its corresponding minority and women revolving loan trust fund account beginning in its second year of administering the financial assistance programs set forth hereunder.
(d) Repayment of interest accrued on loans made with trust fund proceeds by an administering corporation shall be deposited into its administrative expense trust fund account for the payment of administrative costs incurred at any time.
(e) The corporation shall make its first disbursement of funds from an administrative expense trust fund account to the administering corporation for which said account has been established when the administering corporation has: