§37D-9  Line of credit.  The
department or, with the approval of the director, an
agency may contract with a financial institution for one or more lines
of credit in amounts and for periods as the legislature shall from time to time
determine.  The department, an agency, or the
department on behalf of a requesting agency, may borrow under a line of credit
and 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 the
execution and delivery of a financing agreement to refinance the amount or
amounts borrowed under the line of credit, the department or the agency that is party to the financing agreement
shall apply the proceeds thereof to the repayment of any amount or amounts. [L
2001, c 200, §1; am L 2007, c 126, pt of §1]



 



Note



 



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