§37D-9  Line of credit.  Thedepartment or, with the approval of the director, anagency may contract with a financial institution for one or more linesof credit in amounts and for periods as the legislature shall from time to timedetermine.  The department, an agency, or thedepartment on behalf of a requesting agency, may borrow under a line of creditand use the amount or amounts borrowed to pay the cost of the improvements,use, or acquisition of real or personal property comprising a project.  Upon theexecution and delivery of a financing agreement to refinance the amount oramounts borrowed under the line of credit, the department or the agency that is party to the financing agreementshall apply the proceeds thereof to the repayment of any amount or amounts. [L2001, c 200, §1; am L 2007, c 126, pt of §1]

 

Note

 

  This section is new.  Former §37D-9 renumbered as §37D-10.