Maine Revised Statutes

§4926. Overboard Discharge Assistance Fund

1. Creation.  The Overboard Discharge Assistance Fund is established under the jurisdiction of the Maine State Housing Authority. For the purposes of this subchapter, "authority" means the Maine State Housing Authority.
[ 1989, c. 48, §§7, 31 (NEW) .]
2. Sources of fund.  The following shall be paid into the fund:
A. All money appropriated for inclusion in the fund; [1989, c. 48, §§7, 31 (NEW).]
B. Subject to any pledge, contract or other obligation, any money which the authority receives in repayment of loans or advances from the fund; [1989, c. 48, §§7, 31 (NEW).]
C. Subject to any pledge, contract or other obligation, all interest, dividends or other income from investment of the fund; and [1989, c. 48, §§7, 31 (NEW).]
D. Any other money, including federal money, deposited in the fund to implement this subchapter. [1989, c. 48, §§7, 31 (NEW).]
[ 1989, c. 48, §§7, 31 (NEW) .]
3. Application of fund.  The authority may apply money in the fund for purposes authorized by this subchapter. Money in the fund not needed currently for purposes of this subchapter may be deposited with the authority to the credit of the fund or may be invested in such a manner as is provided by law.
[ 1989, c. 48, §§7, 31 (NEW) .]
4. Accounts within fund.  The authority may divide the funds into such separate accounts as the authority determines necessary or convenient for carrying out this subchapter.
[ 1989, c. 48, §§7, 31 (NEW) .]
5. Revolving fund.  The fund shall be a nonlapsing revolving fund. All money in the fund shall be continuously applied by the authority to carry out this subchapter.
[ 1989, c. 48, §§7, 31 (NEW) .]
SECTION HISTORY
1989, c. 48, §§7,31 (NEW).

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