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HARRY HUGHES, Governor 2365
DEVELOPMENT.
266LL-2.
IN THIS SUBHEADING, "DEPARTMENT" MEANS THE DEPARTMENT OF
ECONOMIC AND COMMUNITY DEVELOPMENT.
THERE IS A DAY-CARE FACILITIES LOAN FINANCING FUND.
13-403. 266LL-3.
(A) THE DEPARTMENT MAY CONTRACT WITH A NONPROFIT
ORGANIZATION TO OPERATE AND MANAGE THE FUND UNDER THE PROVISIONS
OF THIS SUBTITLE SUBHEADING.
(B) THE FUND SHALL BE USED AS A NON-LAPSING REVOLVING FUND
TO FINANCE GUARANTEE LOANS FOR THE EXPANSION OR DEVELOPMENT OF
DAY CARE FACILITIES IN THIS STATE.
13-404. 266LL-4.
(A) ALL RECEIPTS DESIGNATED FOR THE DAY CARE FACILITIES
LOAN FINANCING GUARANTEE FUND SHALL BE PLACED IN THE FUND AND
ADMINISTERED BY THE DEPARTMENT INCLUDING:
(1) REPAYMENTS OF PRINCIPAL OF AND INTEREST ON DIRECT
LOANS;
(2) (1) PREMIUMS FOR GUARANTEEING LOANS; AND
(3) (2) INCOME FROM INVESTMENTS THAT THE STATE
TREASURER, ON INSTRUCTION OF THE DEPARTMENT MAKES FOR THE
AUTHORITY DEPARTMENT UNDER THIS SUBTITLE SUBHEADING.
(B) THE FUND SHALL BE USED TO PAY ALL EXPENSES AND
DISBURSEMENTS AUTHORIZED BY THE DIVISION FOR FINANCING,
EXPANSION, OR DEVELOPMENT OF GROUP OR FAMILY DAY CARE FACILITIES
IN THIS STATE, INCLUDING:
(1) DIRECT LOANS;
(2) (1) GUARANTY PAYMENTS REQUIRED BY LOAN DEFAULTS;
AND
(3) (2) EXPENSES FOR ADMINISTRATIVE, LEGAL,
ACTUARIAL, AND OTHER SERVICES.
(C) IN GUARANTEEING LOANS UNDER THIS SUBHEADING,
CONSIDERATION SHALL BE GIVEN TO:
(1) GEOGRAPHIC DISTRIBUTION;
(2) COMMUNITY NEED; AND
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