[§211F-44]  Conditions for procuring ofinsurance, loan guarantees, or letters of credit.  (a)  Insurance,guarantees, or letters of credit shall not be procured pursuant to section211F-42 unless the corporation is assured that the loans, debentures, or leasesinsured, or guaranteed, or for which letters of credit are issued, shall beused to assist economic development projects that also have significant privatesector financial support.

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

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