BLAIR LEE III, Acting Governor

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(D) AN APPLICANT SHALL PROVIDE ALL OTHER RELEVANT
INFORMATION REQUESTED BY THE AUTHORITY.

266HH-8.

(A)    (1) THERE IS A SMALL BUSINESS DEVELOPMENT
FINANCING FUND, REFERRED TO AS THE "FUND" WHICH SHALL BE
USED BY THE AUTHORITY AS A NONLAPSING, REVOLVING FUND FOR
CARRYING OUT THE PROVISIONS OF THIS SUBHEADING. TO THIS
FUND SHALL BE CHARGED ANY AND ALL EXPENSES OF THE AUTHORITY,
AND TO THE FUND SHALL BE CREDITED ALL RECEIPTS OF THE
AUTHORITY.

(2)    MONEYS IN THE FUND NOT NEEDED CURRENTLY TO
MEET THE EXPENSES AND OBLIGATIONS OF THE AUTHORITY SHALL BE
DEPOSITED WITH THE STATE TREASURER TO THE CREDIT OF THE FUND
AND INVESTED IN SUCH MANNER AS IS PROVIDED FOR BY STATUTE.

(3)    THE STATE TREASURER SHALL RENDER ANNUAL
REPORTS TO THE AUTHORITY ADVISING THE MEMBERS OF THE
AUTHORITY OF THE STATUS OF THE FUNDS INVESTED, THE MARKET
VALUE OF THE ASSETS IN THE FUND AS OF THE DATE SUCH
STATEMENT IS RENDERED, AND THE INTEREST RECEIVED FROM THE
INVESTMENTS DURING THE PERIOD COVERED BY THE REPORT.

(B)    IF THE AUTHORITY DETERMINES THAT IT WILL EXTEND A
LOAN TO AN ELIGIBLE APPLICANT, IT SHALL PREPARE A LOAN
AGREEMENT WHICH INCLUDES:

(1)    THE LOAN PAYMENT SCHEDULE, BASED UPON THE
PROJECTS FINANCIAL NEEDS AND COINCIDING WITH THE APPLICANT'S
DRAW FROM THE CONTRACT;

(2)    A REQUIREMENT THAT ALL PAYMENTS MADE TO AN
APPLICANT SHALL BE COSIGNED BY THE APPLICANT AND THE
AUTHORITY BEFORE FUNDS MAY BE RELEASED;

(3)    THE LOAN REPAYMENT SCHEDULE; AND

(4)    PROVISIONS FOR SECURITY DEEMED DESIRABLE BY
THE AUTHORITY, INCLUDING WHERE APPROPRIATE AND ALLOWABLE AN
ASSIGNMENT OR LIEN ON PAYMENT UNDER THE GOVERNMENT CONTRACT.

(C)    IF THE APPLICANT FAILS TO COMPLY WITH THE TERMS
OF A LOAN AGREEMENT, OR THE REQUIREMENTS OF THIS SUBHEADING,
THE AUTHORITY, AFTER REASONABLE NOTICE TO THE APPLICANT, MAY
WITHHOLD FURTHER PAYMENTS TO THE APPLICANT, PENDING
COMPLIANCE OR EXERCISE OTHER REMEDIES PROVIDED BY THE LOAN
AGREEMENT.

266HH-9.

THE AUTHORITY MAY EXPEND, SUBJECT TO THE APPROVAL OF
THE SECRETARY OF ECONOMIC AND COMMUNITY DEVELOPMENT, OUT OF
THE FUND SUCH MONEYS AS MAY BE NECESSARY FOR ANY EXPENSES OF
THE AUTHORITY, INCLUDING ADMINISTRATIVE, LEGAL, ACTUARIAL,
AND OTHER SERVICES SUBJECT TO ANNUAL APPROVAL OF THE BUDGET