§ 13-23-402 — Creation of housing program fund - Reallocation of revenues

(a) There is hereby created and established a housing program fund to be administered by the agency and to consist of the following: (1) Moneys transferred from the assets fund; and (2) Such allocation of federal block grant or other federal funds as may be available and properly directed for housing programs. (b) Notwithstanding subsection (a), for the fiscal year ending June 30, 1997, all allocations of tax revenues directed to the agency by former subdivisions (a)(2) and (3) in excess of six million dollars ($6,000,000) shall be reallocated to the state general fund; and, notwithstanding subsection (a), for the fiscal year ending June 30, 1998, all allocations of tax revenues directed to the agency by former subdivisions (a)(2) and (3) in excess of nine million dollars ($9,000,000) shall be reallocated to the state general fund. Thereafter, no such reallocation shall be made. (c) Notwithstanding subsections (a) and (b), or any other provision of law to the contrary, for a period of one (1) year beginning with the fiscal year starting July 1, 1999, all allocations of tax revenues directed to the agency by former subdivisions (a)(2) and (3) shall be reallocated to the state general fund.

Legislative History

Acts 1988, ch. 900, § 10; 1991, ch. 211, § 1; 1997, ch. 537, § 2; 1998, ch. 816, § 1; 1999, ch. 411, § 1; 2000, ch. 983, § 1.