Loans to businesses by counties and municipalities; criteria; approval of loans by corporation

Sec. 4. (a) The corporation shall establish criteria to guide counties and municipalities in making loans to businesses. (b) The terms of the loans must include provisions stating that: (1) loans shall be restricted to enterprises that create new and permanent jobs; (2) loans may not exceed the greater of: (A) ten percent (10%) of the total investment; or (B) two hundred fifty thousand dollars ($250,000); and (3) the principal and interest on the loan must be repaid to the county or municipality. (c) All loans by a county or municipality under this chapter are subject to approval by the corporation. As added by P.L.4-2005, SEC.34.