(a) There is established an account maintained by the Corporation designated “The Catalyst Fund”. The purpose of which is to receive, manage, control, and dispose of monies on behalf of the Program. The Catalyst Fund is separate from any other fund or account of the Corporation.
(b) The Catalyst Fund must be used to award loans to eligible entities in accordance with this subchapter.
(c) Within The Catalyst Fund, the Corporation may establish additional accounts and subaccounts.
(d) The maximum total loan amount that may be awarded to an eligible entity may not exceed $1,500,000 from the initial $5,000,000 tranche approved pursuant to this subchapter. The Loan Review Committee may establish limits for further loans pursuant to loan policies or regulations.
(e) The expenses of administering the Fund must be paid from money in The Catalyst Fund. No other fund or account of the Corporation may be available or may be used for the payment of obligations incurred in connection with this subchapter.
(f) All costs, liabilities, obligations, and expenses incurred in carrying out the purpose of this subchapter are payable solely from funds provided for the purposes of this subchapter, and no liability, cost, expense, or obligation may be imposed upon the Corporation beyond the extent to which money had been provided solely for the purposes of the Corporation’s activities authorized under this subchapter.
(g) The Catalyst Fund consists of:(1) All monies appropriated by the Legislature thereto pursuant to authorization under this subchapter;(2) Money received from federal grants or programs, including any federal grant or program enacted to provide economic relief in response to the coronavirus disease (COVID-19) pandemic;(3) Grants, gifts, and donations intended for deposit in the fund, including transfers from other accounts or funds; and(4) All repayments of loans, payments, and other receipts arising out of transactions financed from The Catalyst Fund.
(1) All monies appropriated by the Legislature thereto pursuant to authorization under this subchapter;
(2) Money received from federal grants or programs, including any federal grant or program enacted to provide economic relief in response to the coronavirus disease (COVID-19) pandemic;
(3) Grants, gifts, and donations intended for deposit in the fund, including transfers from other accounts or funds; and
(4) All repayments of loans, payments, and other receipts arising out of transactions financed from The Catalyst Fund.
(h) There must be credited to The Catalyst Fund interest and income earned on:(1) Money in The Catalyst Fund and its accounts and subaccounts, after deducting any applicable charges;(2) Unexpended appropriations made to The Catalyst Fund; and(3) Any other moneys generated in connection with the activities authorized under this subchapter.
(1) Money in The Catalyst Fund and its accounts and subaccounts, after deducting any applicable charges;
(2) Unexpended appropriations made to The Catalyst Fund; and
(3) Any other moneys generated in connection with the activities authorized under this subchapter.
(i) All payments of principal and interest on any loan made with money from The Catalyst Fund must be deposited in The Catalyst Fund. The Corporation shall administer The Catalyst Fund as a revolving loan fund.
(j) All receipts, savings, and accrual to The Catalyst Fund, any unexpended appropriations made to The Catalyst Fund, and any funds returned into accounts or funds which are not utilized for whatever reasons remaining at the end of each fiscal year must be carried forward to the next fiscal year and retained for the purposes for which The Catalyst Fund is established.
(k) The Executive Director shall administer The Catalyst Fund and may apply for and accept any gift, grant, donation, bequest, or other source of money for deposit in The Catalyst Fund.