[§211F-44]  Conditions for procuring of
insurance, loan guarantees, or letters of credit.  (a)  Insurance,
guarantees, or letters of credit shall not be procured pursuant to section
211F-42 unless the corporation is assured that the loans, debentures, or leases
insured, or guaranteed, or for which letters of credit are issued, shall be
used to assist economic development projects that also have significant private
sector financial support.



(b)  Insurance, guarantees, or letters of
credit may be procured on such terms and conditions as the corporation, in its
sole discretion, shall determine to be reasonable, appropriate, and consistent
with the purposes and objectives of this chapter.



(c)  The corporation shall charge the lender or
the borrower, or both, a fee or premium for procuring loan, debenture, or lease
insurance, guarantee, or a letter of credit.  Rules for premiums or fees shall
be established by the corporation. [L 1990, c 110, pt of §3]