(vi) That the borrower and the commercial lending
institution or the economic development organization have
met all other requirements established by the board.
(2) Upon being satisfied that all requirements have been
met, the board may approve the loan guarantee, and, if
approved, the authority shall issue a loan guarantee
certificate [for the loan] to the commercial lending
institution or economic development organization stating the
terms and amount of the loan guarantee.
[(3) The board may establish a subcommittee composed of
one or more members of the board and staff of the department
to review and approve applications for guarantees under this
section.]
(4) Priority shall be given to applications for loan
guarantees for projects related to the life sciences,
advanced technology, energy production, aviation and
aerospace or manufacturing.
(f) Limitations.--
[(1) During the first two years of the term of a loan
for which a guarantee certificate has been issued, the
guarantee may not exceed 50% of the outstanding principal
amount of the loan. From the end of year two through either
the end of year seven or the end of the term of the loan,
whichever occurs first, the guarantee may not exceed 25% of
the outstanding principal amount of the loan. The guarantee
will terminate at the end of seven years.]
(1.1) The board may not approve a loan guarantee unless
the borrower has an equity investment of at least 10% of the
total cost of the project from nonpublic sources.
(2) At no time may a loan guarantee exceed $1,000,000
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