Section 4-5 - Terms, Conditions, and Repayment a. In making loans, the Council shall: - (i) establish an up-front fee and/or a per annum administrative fee of at least one percent (1%) each of the total loan amount;
- (ii) establish a commitment fee of 0.25% per annum of the amount of the unused commitment; to be assessed at the first anniversary of the loan date;
- (iii) establish a commitment period for disbursement of loan proceeds not to exceed two years;
- (iv) set an interest rate (minimum 4% per annum) after considering:
- A. the dollar-for-dollar match;
- B. the proposed source(s) and use(s) of the funds, and specifically, the percentage of owner's equity;
- C. other interest rates associated with total project financing;
- D. projected cash flows and business plan of the Borrower as well as the Business;
- E. credit risk of the community development organization or state development organization and the underlying Third-party loans;
- F. current and projected market interest rates; and
- G. collateral and security package.
- (v) establish the terms of repayment not to exceed twenty (20) years;
- (vi) require written permission from the Borrower agreeing to allow the Wyoming Department of Audit and an auditor designated by the Board of Directors to examine its books and records, upon request;
- (vii) reserve the right to terminate the agreement to ensure funds loaned or committed are invested within twenty-four (24) months: and;
- (viii) require all statutory requirements regarding the loan be met.