§ 5-20-2-6 — Administration

Administration. In cities, the mayor shall
designate a trustee institution to administer the proceeds of bond issues
under this chapter; in counties and towns, the designation shall be
made by the governing body. All lending institutions may participate
under this chapter. The proceeds of each bond issue shall be
apportioned as provided in this section by the trustee institution among
all lending institutions that choose to participate. Those institutions that
choose to participate shall furnish the trustee with copies of their
submission under the Home Mortgage Disclosure Act during the
preceding three (3) years.
(1) For the most recent calendar year for which this information
is available, the trustee institution shall compute the percentage
that each participating lending institution's total amount of
mortgages for homes located in the county bears to that same total
amount for all participating lending institutions; this percentage
figure is the participating lending institution's percentage share of
the proceeds of bonds to be apportioned to it by the trustees
institution.
(2) The participating institutions must certify to the trustee that
the proceeds will be used as required by the chapter, and that the
institution will attempt to maintain the same proportion of dollar
volume of all mortgage loans within the county or municipality
during the calendar year in which the proceeds are distributed as
in the preceding year. The trustee institution may, in its discretion,
reapportion any unused bond proceeds among the participating
lending institutions either:
(A) six (6) months after funds are first apportioned to
participating lending institutions for mortgage lending purposes;
or
(B) after seventy-five percent (75%) of the bond proceeds
designated for mortgage acquisition have been used.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981,
P.L.62, SEC.5.