Use of Funds

Funds will be disbursed in accordance with the agreed terms of the loan and in accordance with promulgated rules and regulations for approved applications/projects. Collateral security will be obtained, whenever possible, in accordance with established rules and regulations. Funds so disbursed will be on the basis of an interest charge deemed reasonable by the Authority. In addition, loan funds shall be disbursed on a continuing and revolving basis, until such time as the project is self- supporting. SOURCE: Formerly 12 GCA §2214. Added by P.L. 21-42:12(b).