The Child Care and Development Facilities Loan Guaranty Fund, the Child Care and Development Facilities Direct Loan Fund, and the Child Care Loan Guaranty Fund Account in the Small Business Expansion Fund are abolished. All moneys remaining in the Child Care and Development Facilities Loan Guaranty Fund, the Child Care and Development Facilities Direct Loan Fund, and the Child Care Loan Guaranty Fund Account in the Small Business Expansion Fund shall revert to the General Fund. The Department of Housing and Community Development shall deposit all subsequent loan repayments to the Treasurer to the credit of the General Fund. The abolishment of the Child Care and Development Facilities Loan Guaranty Fund, the Child Care and Development Facilities Direct Loan Fund, and the Child Care Loan Guaranty Fund Account in the Small Business Expansion Fund does not terminate any of the following rights, obligations, or authorities, or any provision necessary to carry out those rights, obligations, or authorities:
(a) The repayment of loans due and payable to the department or the relevant financial company.
(b) The obligation of the state to pay claims arising from the default of outstanding loans that have been guaranteed.
(c) Payment to lenders for default of any outstanding guaranteed loans secured by those moneys.
(d) The resolution of any cost recovery action.
(Added by Stats. 2008, Ch. 751, Sec. 2. Effective September 30, 2008.)
Last modified: October 25, 2018