(a) The Department of Finance must create and administer a revolving fund for the Child Day Care Facilities Loan Program. All appropriations and other receipts for the program must be placed in the fund, and all payments for the program must originate in the fund. The outstanding loan balance must not exceed $500,000 at any time. If at any time the assets of the fund exceed the $500,000 limit, any surplus must be returned to the General Fund.
(b) The Department of Finance must:
(1) Disburse funds and collect payments for any loan made under the program;
(2) Report any nonpayment or default to the Department of Health and Human Services; and
(3) Maintain loan records and provide an annual report to the Department of Health and Human Services. (1989 L.M.C., ch. 19, § 1; 1995 L.M.C., ch. 13, § 1; , § 5.)
Editor’s note—Section 5 of 1995 L.M.C., ch. 13, reads as follows: “Sec. 5. A regulation that implements a function assigned to the Department of Health and Human Services by 1995 LMC ch. 13 continues in effect but is amended to the extent necessary to provide that the regulation is administered by the Director of the Department of Health and Human Services.”
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