[ §206M-83] Conditions for procuring of insurance, loan guarantees, or letters of credit.
154 words·~1 min read·
/hi/206m-83A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[ §206M-83] Conditions for procuring of insurance, loan guarantees, or letters of credit.
(a)Insurance, guarantees, or letters of credit shall not be procured pursuant to section 206M-81 unless the development corporation is assured that the loans, debentures, or leases insured, or guaranteed, or for which letters of credit are issued, shall be used to assist economic development projects that also have significant private sector financial support.
(b)Insurance, guarantees, or letters of credit may be procured on such terms and conditions as the development corporation, in its sole discretion, shall determine to be reasonable, appropriate, and consistent with the purposes and objectives of this part.
(c)The development corporation shall charge the lender or the borrower, or both, a fee or premium for procuring loan, debenture, or lease insurance, guarantee, or a letter of credit. Rules for premiums or fees shall be established by the corporation. [L 2019, c 56, pt of §2]