Section 3007 - Loans for industrial parksThe authority may contract to loan an amount not to exceed 75% of the cost of establishing an industrial park project, subject to the following conditions:
(1) The authority shall determine the interest rate and repayment period of the loan.(2) The loan must be evidenced by note of the borrower and secured by a first mortgage on the industrial park or byparticipation in a first mortgage. If a Federal agency participates in the financing of the industrial park, the authority may take as security for its loan a mortgage on the industrial park which is second only to the mortgage given to the Federal agency.(3) If the loan is secured by participation in a first mortgage on the industrial park, a portion of the loan, not to exceed 10% of the cost of the project, may be secured by a second mortgage on the industrial park which is second only to the participating first mortgage.Added by P.L. 2569 2014 No. 161, § 8.1, eff. 11/1/2014.