§ 280h. Receipt and administration of Program funds

(a) The Authority shall receive in trust, hold, administer, and disburse in and from the Program exclusively for the benefit of the beneficiaries the following monies:

(1) federal grants and awards or other federal assistance received by the Agency or the State and eligible for deposit therein under applicable federal law;

(2) amounts appropriated by the State to the Program for purposes of the Program;

(3) loan and lease payments and other payments received by the Program in respect of providing financial assistance to qualified borrowers;

(4) investment earnings on monies in the Program; and

(5) any other amounts required to be credited to the Program by any law or by any resolution, loan agreement, or trust agreement or which the State or the Secretary shall otherwise determine to deposit therein.

(b) Application of amounts in the Program shall be subject to the requirements of this subchapter and the provisions of any applicable loan agreement or trust agreement and, with respect to amounts held pursuant to grants or awards made under 23 U.S.C. § 101 et seq., or 49 U.S.C. § 5301 et seq., or any other federal law, to the applicable requirements of federal law. The Authority shall be the custodian of the Fund as provided in this subchapter, and, subject to any applicable trust agreement, the Authority is authorized to invest monies held in the Program in such investments as may be legal investments for funds of the State, subject, however, with respect to funds deposited in the Program pursuant to section 350 of the NHS Act, to the provisions of section 350(e)(3) of the NHS Act. (Added 1997, No. 43, § 1.)