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Neither a housing agency nor any controlled affiliate shall lend its credit to or guarantee or be a surety for the indebtedness or performance of any noncontrolled affiliate or third party, or any other individual or entity other than another public agency of the state, except as provided in this section. The housing agency or any controlled affiliate may establish a special limited fund which shall be segregated from all other funds, assets, and properties of the housing agency or any controlled affiliate and shall be deposited separately from all other deposits of the housing agency or any controlled affiliate. The special limited fund may be funded only from the rents and revenue of the housing agency or any controlled affiliate or from contributions, grants, or donations from other public or private sources which have been designated for such purpose. Any loan of credit, guarantee, or suretyship to any individual or entity other than another public body of this state shall be limited to the amount of the special limited fund, and neither the general credit nor any other asset or property of the housing agency, any controlled affiliate, the state, or any other public agency of the state shall be liable whatsoever for any such loan of credit, guarantee, or suretyship. Any such loan of credit, guarantee, or suretyship shall only be used for the purposes of expanding the availability of affordable housing to persons of eligible income in accordance with the provisions of the Nebraska Housing Agency Act. No such loan of credit, guarantee, or suretyship shall be valid unless in writing, which writing shall state on its face the limitations contained in this section, including the nonliability of the state and all other public agencies, and the loan of credit, guarantee, or suretyship shall be also subject to such other rules and regulations as the housing agency shall prescribe.
Cite this article: FindLaw.com - Utah Code Title 53B. State System of Higher Education § 53B-18-602. Program requirements--Referrals--Evaluation - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-53b-state-system-of-higher-education/ut-code-sect-53b-18-602.html
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