58-239.01. Authority; microenterprises; powers and duties.

226 words·~1 min read·/ne/chapter-58/58-239-01

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)In addition to the powers granted to the authority under section 58-239 , the authority may:

(a)Guaranty all or part of loans to microenterprises, establish and fund any such fund or account as it deems appropriate, and if it deems appropriate limit its guaranty obligation to money in such fund or account;

(b)Borrow money and issue bonds for the purpose of making guaranties of loans to microenterprises or any program of making such guaranties; and

(c)Enforce any and all rights it may have pursuant to such guaranties.

(2)Prior to exercising any of the powers granted by subsection

(1)of this section, the authority shall adopt program eligibility guidelines:

(a)Specifying the type and amount of loans that may be guaranteed and the security or collateral, if any, to be provided by the microenterprise;

(b)Designed to avoid competing with private financial institutions to the extent private financial institutions are making such guaranties on reasonably favorable terms;

(c)Insuring that the public purposes specified in section 58-202 , particularly subsection

(4)of section 58-202 , and subdivision (1)(c) of section 58-203 are effectuated and specifically addressing the effect on the economic and tax base of the state, tax revenue, and employment opportunities; and

(d)Addressing any other matters related to the exercise of the authority's powers under subsection

(1)of this section.