State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 041-00 > 615

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</p> <p>Page 1 of 1<br /> 41.615 Use of moneys obtained &#8212; Refinancing of prior loans.<br /> (1) Moneys obtained from the Linked Deposit Investment Program by eligible small<br /> businesses and agribusinesses may be used for annual working capital for <br />production costs, interest costs, capital expense, and debt refinancing.<br /> (2) Eligible lending institutions who have entered into business loans with eligible<br /> borrowers prior to July 15, 1996 shall be allowed to refinance prior loans under the <br />terms of the Linked Deposit Investment Program. The borrower shall not be <br />charged any penalty for the refinancing at the same lending institution.<br /> (3) No eligible small business or agribusiness may have a total outstanding principal<br /> debt of more than one hundred thousand dollars (&#36;100,000) in the Linked Deposit <br />Investment Program.<br /> Effective: July 15, 1998 <br />History: Amended 1998 Ky. Acts ch. 172, sec. 3, effective July 15, 1998. &#8212; Amended<br /> 1996 Ky. Acts ch. 208, sec. 7, effective July 15, 1996. &#8212; Created 1994 Ky. Acts <br />ch. 276, sec. 4, effective July 15, 1994. </p> <p>