§206M-7  Conditions precedent to negotiating
and entering into a project agreement.  (a)  The development corporation
prior to entering into negotiations with respect to a project agreement or at
any time during such negotiations shall require that as a condition to such
negotiations or the continuation thereof the State shall be reimbursed for any
and all costs and expenses incurred by it even though a project agreement may
not be entered into and may further require the deposit of moneys with the
development corporation as security for such reimbursement.  Any amount of such
deposit in excess of the amount required to reimburse the State shall be
returned by the development corporation to the party which has made such
deposit.



(b)  The development corporation shall not
enter into any project agreement with respect to any project or industrial park
unless the legislature shall have first authorized the issuance of special
purpose revenue bonds to finance a project or projects, an industrial park or
industrial parks, or a multi-project program pursuant to section 206M-9, and
the development corporation has thereafter found and determined either that:



(1)  The qualified person is a responsible party,
whether by reason of economic assets or experience in the type of enterprise to
be undertaken through the project, or otherwise; or



(2)  The obligations of the qualified person under the
project agreement will be unconditionally guaranteed by a person who is a
responsible party, whether by reason of economic assets or experience in the
type of enterprise to be undertaken through the project or otherwise. [L 1983,
c 152, pt of §2; am L 2000, c 72, §11]