§ 261. Additional powers In addition to powers enumerated elsewhere in this chapter, the Authority may: (1) Make loans secured by mortgages, which may be subordinate to one or more prior mortgages, upon application by the proposed mortgagor, who may be a private corporation, nonprofit organization, partnership, person, or municipality financing an eligible project described […]
§ 262. Findings Before making any loan, the Authority shall receive from an applicant a loan application in such form as the Authority may by regulation prescribe, and the Authority, or the Authority’s loan officer pursuant to the provisions of subdivision 216(15) of this title, shall determine and incorporate findings in its minutes that: (1) […]
§ 263. Mortgage loan; limitations (a) When it has been determined by the Authority that the establishment or expansion of a particular eligible facility will accomplish the public purposes of this act, the Authority may contract to loan to the mortgagor an amount not in excess of 40 percent of the cost of such eligible […]
§ 264. Accelerated repayment provisions Any direct mortgage loan made on or after July 1, 1988 under this subchapter shall be conditioned upon the maintenance of a reasonable level of employment at the facility or facilities owned by the mortgagor and pledged as security for the loan. For the purposes of this section, a reasonable […]
