(a) The state is authorized to make or contract to make payments or loans of money to the agency for the purpose of enabling it to carry out its corporate purposes, and for the exercise of its powers. Any such payment or loan, upon receipt by the agency, shall constitute revenue of the agency, and, in the case of moneys transferred for deposit in the agency’s mortgage insurance fund, shall be so deposited forthwith.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 13-22-106

(b) The state is authorized to make or contract to make capital or periodic subsidies to the agency. Any contract for periodic subsidies may provide for payments to be made thereunder to the date of the latest final maturity of any mortgage to be insured by the agency during a stated period, which may not exceed fifty (50) years from the date of the contract. Any such contract shall contain such other terms and conditions as the state, acting by the commissioner of finance and administration, and the agency may agree upon in furtherance of the public purposes set forth in this chapter. Any such capital or periodic subsidies shall, upon receipt by the agency, constitute revenue of the agency, and in the case of moneys transferred for deposit in the agency’s mortgage insurance fund, shall be so deposited forthwith.
  Previous section
Next section  
 Chapter 22 Contents