260.115. Loans for energy resource development, requirements — fee charged, when — deposit in and use of energy resources insured loan fund.
209 words·~1 min read·
/mo/chapter-260/260-115A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
260.115. Loans for energy resource development, requirements — fee charged, when — deposit in and use of energy resources insured loan fund. — 1. All loans authorized under section 260.035 for the development of energy resources shall be made only upon determination by the authority that loans are not otherwise available, either wholly or in part, from private lenders upon reasonably equivalent terms and conditions. No commitment for a loan shall be made unless all plans for development have been completed and submitted to and found to be satisfactory by the authority.
2. The authority shall charge a reasonable fee on all loans not federally insured to insure such loans. The proceeds of such fees shall be deposited in a separate fund to be known as the "Energy Resources Insured Loan Fund". The provisions of section 33.080 to the contrary notwithstanding, money in this fund shall not be transferred and placed to the credit of general revenue. This fund shall be deposited when received in a bank approved for deposit of state funds. No moneys shall be withdrawn from the fund unless it is to be used for the purchase of loan insurance or to pay for any losses on such loans.
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(L. 1982 S.B. 506)
Effective 4-30-82