The Board shall insure that at all times loan guarantee funds are held in reserve in an amount equal to no less than seventy-five percent (75%) of the total amount of the guaranteed principal and interest which is currently outstanding.

Note: Authority cited: Sections 46201 and 40502, Public Resources Code. Reference: Sections 46300-46301, Public Resources Code.

History

1. New section filed 4-2-90; operative 5-2-90 (Register 90, No. 14).

2. Change without regulatory effect amending section filed 5-17-91 pursuant to section 100, title 1, California Code of Regulations (Register 91, No. 27).