Sec. 1904.7. Reserve requirements

Latest version.

The corporation may require that the following reserves be created by the project recipient:
(a) working capital fund;
(b) replacement reserve; and
(c) operation reserve.
To the extent permitted by the act and these regulations, the working capital fund and the replacement reserve may be funded by the payment, grant or loan of the corporation. The conditions and requirements of said reserves shall be set forth in the regulatory agreement.

                    
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