[§201C-4]  Purposes and terms of assistance. (a)  The department may utilize the money held in the financial servicesassistance program for economic development projects within the State that havethe potential of creating new jobs for residents of the State or retainingcurrent jobs within the State.

(b)  Financial assistance provided by thefinancial services assistance program may be used for any purpose consistentwith the objectives and policies for the economy in the state plan, includingbut not limited to:

(1)  The acquisition, improvement, or rehabilitationof land and buildings;

(2)  The acquisition of equipment or services;

(3)  Working capital; and

(4)  Any other purpose reasonably related to aneconomic development project concerning the financial services industry,including but not limited to consulting and other related services.

(c)  The department, for economic developmentprojects relating to the financial services industry, may:

(1)  Procure insurance, a guarantee, or a letter ofcredit from any source for all or a part of a loan, debenture, or lease ofothers, public or private;

(2)  Procure insurance, a guarantee, or a letter ofcredit for either a single loan, debenture, or lease or for any combination ofloans, debentures, or leases; and

(3)  Procure consulting and related services for thepurposes of this chapter.

(d)  Loans provided by the financial servicesassistance program may be provided to qualified applicants with the followingterms and conditions:

(1)  The maximum term of a loan shall not exceedtwenty years;

(2)  Each loan shall bear simple interest at a rate ofnot less than three and not more than ten per cent a year, depending on thenature of the loan; and

(3)  The commencement date for the repayment of thefirst installment on principal and interest of each loan may be deferred by thedirector of business, economic development, and tourism for a period not toexceed two years.

(e)  The department shall adopt rules pursuantto chapter 91 to carry out the purposes of this chapter. [L 1990, c 107, pt of§3]