§ 3007. Loans for industrial parks.
165 words·~1 min read·
/pa/title-12/chapter-30/3007A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 3007. Loans for industrial parks.
The authority may contract to loan an amount not to exceed 75% of the cost of establishing an industrial park project, subject to the following conditions:
(1)The authority shall determine the interest rate and repayment period of the loan.
(2)The loan must be evidenced by note of the borrower and secured by a first mortgage on the industrial park or by participation in a first mortgage. If a Federal agency participates in the financing of the industrial park, the authority may take as security for its loan a mortgage on the industrial park which is second only to the mortgage given to the Federal agency.
(3)If the loan is secured by participation in a first mortgage on the industrial park, a portion of the loan, not to exceed 10% of the cost of the project, may be secured by a second mortgage on the industrial park which is second only to the participating first mortgage.
12c3008s