§ 4-31-308. Loans — Approval — Fund Allocation
The state funding board, in consultation with the authority, is authorized to approve such loan and allocate such funds as may be necessary to meet the requirements stipulated in such loan from moneys appropriated and legally available for such purpose.
§ 4-31-301. Short Title
This part shall be known and may be cited as the “Industrial Development Loan Program of 1981.”
§ 4-31-302. Program Established
There is hereby established the industrial development loan program, with the purpose of providing loans to small communities in order to finance public facilities that will support industrial development and generate manufacturing jobs in Tennessee.
§ 4-31-303. Participation in Program
Participation in the program shall be limited to: Local governments of less than twenty-five thousand (25,000) population, according to the latest certified census; and County governments if the largest community within the county does not exceed fifty thousand (50,000) population, according to the latest certified census, that have unemployment rates that have exceeded the state […]
§ 4-31-304. Loans — Priority
Loans under this program shall be made only for projects that are designed to stimulate the growth of manufacturing jobs. The first priority for loans shall be projects that are related to an industrial location or expansion. Second priority projects shall be those that create the conditions for future industrial growth. Eligible projects shall be […]
§ 4-31-305. Loans — Maximum Amount
In order to ensure that as many communities as possible benefit from the program, individual loans shall not exceed two hundred fifty thousand dollars ($250,000).
§ 4-31-306. Rules for Administration
The state funding board, in consultation with the Tennessee local development authority and the commissioner of economic and community development, is authorized to promulgate such rules as it deems necessary for the orderly and efficient administration of this part.
§ 4-31-307. Loans — Applications
Counties or municipalities meeting the requirements of § 4-31-303 are authorized to make application to the commissioner of economic and community development for a loan pursuant to this part. The commissioner shall review the application. If, after making such review, the commissioner determines that the applicant is eligible under this part, and the rules promulgated […]