Illinois Administrative Code (Last Updated: March 27, 2024) |
TITLE47. HOUSING AND COMMUNITY DEVELOPMENT |
PART260. HOMEOWNER MORTGAGE REVENUE BOND PROGRAM |
SUBPARTD. PURCHASE OF MORTGAGE LOANS |
§260.404. Prepayment
Latest version.
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The Authority shall apply any Prepayment it receives as follows:
a) to the purchase of additional Mortgage Loans in accordance with the requirements of the Program;
b) to the purchase or redemption of Bonds, subject in each case to the requirements of the Series Resolutions relating to the issuance of its Bonds; or
c) for other corporate purposes of the Authority, to the extent permitted by the Resolution.