Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 12 - Banks and Banking |
Chapter XVIII - Community Development Financial Institutions Fund, Department of the Treasury |
Part 1808 - Community Development Financial Institutions Bond Guarantee Program |
Subpart F - Terms and Conditions of Guarantee |
§ 1808.600 - Full faith and credit and incontestability of Guarantee.
Latest version.
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§ 1808.600 Full faith and credit and incontestability of Guarantee.
The full faith and credit of the Federal Government is pledged to the payment of all Bonds issued as part of a Bond Issue with respect to Verifiable Losses of Principal, Interest, and Call Premium. An executed Guarantee shall be conclusive evidence that: the Guarantee has been properly authorized; the underlying Bond qualified for such Guarantee; and, but for fraud or material misrepresentation, such Guarantee will be presumed to be legally valid, binding, and enforceable.