Sec 41-3907. Authority funds; transfer of excess monies to Arizona department of housing

A. If the board issues bonds under this article, the board shall establish such separate funds as specified in the resolution necessary to secure the bonds and accomplish the objectives of a bond issue. Any fund the board establishes may contain bond proceeds and other monies designated to be deposited in a bond fund by this chapter.

B. If the board establishes a mortgage credit certificate program, the board shall establish such separate funds as specified in the resolution necessary to accomplish the objectives of the certificate program. The funds may consist of fees and costs collected in the certificate program and any other monies designated to be deposited in the fund.

C. The board may provide for the irrevocable transfer of surplus monies in bond funds and the certificate fund to the housing trust fund established by section 41-3955 or the Arizona department of housing program fund established by section 41-3957 to repay any amounts previously transferred from the Arizona department of housing to the authority.