| | The authority, pursuant to Title 5, chapter 375, subchapter II | | shall adopt rules for determining eligibility, feasibility, | | terms, conditions and security for the loans and grants. In the | | case of loans, the authority may charge an interest rate that may | | be as low as 0% and may be greater, depending on the financial | | ability of the applicant to pay as determined by the authority, | | up to a maximum of the prime rate of interest charged by major | | New York banks. The maximum the authority may loan or grant to | | any one borrower, including related entities as determined by the | | authority, is $600,000. Loans or grants for the purposes listed | | in paragraph A, subparagraph (3) may not exceed $1,000,000 in a | | 12-month period. Grants may not be made for the purpose listed | | in paragraph A, subparagraph (4). Money in the fund not needed | | currently to meet the obligations of the authority as provided in | | this section may be invested as permitted by law. |
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| | | Sec. 21. 10 MRSA §1023-D, sub-§5, as enacted by PL 1987, c. 521, §4, | | is amended to read: |
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| | | 5. Revolving fund. The fund shall be | revolving fund. All money in the fund shall | | applied by the authority to carry out this section and section | 1026-F | | division (b). |
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| | | Sec. 22. 10 MRSA §1023-E, as enacted by PL 1987, c. 846, §5, is | | repealed. |
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| | | Sec. 23. 10 MRSA §1023-I, sub-§5, as amended by PL 1993, c. 722, Pt. | | B, §1 and affected by §3, is further amended to read: |
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| | | 5. Revolving fund. The fund is a nonlapsing, revolving fund. | | All money in the 1992 Bond Proceeds Account of the fund must be | | continuously applied by the authority to carry out this section | | and section 1026-J and all money in the 1994 Bond Proceeds | | Account of the fund must be continuously applied by the authority | to carry out this section and sections | | subsection 1, paragraph A, subparagraph (2) and section 1026-J | and 1026-K |
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| | | Sec. 24. 10 MRSA §1023-K, sub-§3, as amended by PL 2001, c. 714, Pt. | | JJ, §2, is further amended to read: |
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| | | 3. Application of fund. The fund may be applied to carry out | | any power of the authority under or in connection with section | 1026-P | | division (c), including, but not limited to, the pledge or | | transfer and deposit of money in the fund as security for and the | | application of the fund to pay principal, interest and other | | amounts due on insured loans. The fund may be used for direct |
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