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. 28, July 10, 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:
(1) submitted,
				in form and content satisfactory to the corporation, a budget for
				administrative costs it anticipates incurring during the succeeding
				quarter-annual period and a request for disbursement of administrative expense
				trust fund account proceeds; and
(2) satisfied such other conditions as may be
				required by the agreement executed with the corporation pursuant to section
				4215.5(d) of this
				Part. The amount of such disbursement shall be in the amount set forth in the
				aforesaid quarter annual budget for administrative costs. The corporation shall
				make additional disbursements of administrative expense trust fund account
				proceeds at the beginning of each succeeding quarter-annual period pursuant to
				succeeding quarter-annual budgets for administrative costs prepared by the
				administering corporation for which the account has been established, provided
				said budgets are approved, in advance, by the corporation. In no event shall
				the corporation disburse to an administering corporation any funds for
				administrative costs in excess of the balance on deposit in an administering
				corporation's administrative expense trust fund account.