Loan package acceptance or rejection--loan agreementrequirements--linked deposit at reduced market interest rate,when.
30.758. 1. The state treasurer may accept or reject a linked depositloan package or any portion thereof.
2. The state treasurer shall make a good faith effort to ensure thatthe linked deposits are placed with eligible lending institutions to makelinked deposit loans to minority- or female-owned eligible multitenantenterprises, eligible farming operations, eligible alternative energyoperations, eligible alternative energy consumers, eligible locally ownedbusinesses, eligible small businesses, eligible job enhancement businesses,eligible marketing enterprises, eligible residential property developers,eligible residential property owners, eligible governmental entities,eligible agribusinesses, eligible beginning farmers, eligible livestockoperations, eligible student borrowers, eligible facility borrowers, oreligible water supply systems. Results of such effort shall be included inthe linked deposit review committee's annual report to the governor.
3. Upon acceptance of the linked deposit loan package or any portionthereof, the state treasurer may place linked deposits with the eligiblelending institution as follows: when market rates are five percent orabove, the state treasurer shall reduce the market rate by up to threepercentage points to obtain the linked deposit rate; when market rates areless than five percent, the state treasurer shall reduce the market rate byup to sixty percent to obtain the linked deposit rate. All linked depositrates are determined and calculated by the state treasurer. Whennecessary, the treasurer may place linked deposits prior to acceptance of alinked deposit loan package.
4. The eligible lending institution shall enter into a depositagreement with the state treasurer, which shall include requirementsnecessary to carry out the purposes of sections 30.750 to 30.767. Thedeposit agreement shall specify the length of time for which the lendinginstitution will lend funds upon receiving a linked deposit, and theoriginal deposit plus renewals shall not exceed five years, except asotherwise provided in this chapter. The agreement shall also includeprovisions for the linked deposit of a linked deposit for an eligiblefacility borrower, eligible multitenant enterprise, eligible farmingoperation, eligible alternative energy operation, eligible alternativeenergy consumer, eligible locally owned business, eligible small business,eligible marketing enterprise, eligible residential property developer,eligible residential property owner, eligible governmental entity, eligibleagribusiness, eligible beginning farmer, eligible livestock operation,eligible student borrower or job enhancement business. Interest shall bepaid at the times determined by the state treasurer.
5. The period of time for which such linked deposit is placed with aneligible lending institution shall be neither longer nor shorter than theperiod of time for which the linked deposit is used to provide loans atreduced interest rates. The agreement shall further provide that the stateshall receive market interest rates on any linked deposit or any portionthereof for any period of time for which there is no corresponding linkeddeposit loan outstanding to an eligible multitenant enterprise, eligiblefarming operation, eligible alternative energy operation, eligiblealternative energy consumer, eligible locally owned business, eligiblesmall business, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, eligible facility borrower, or eligible water supply system,except as otherwise provided in this subsection. Within thirty days afterthe annual anniversary date of the linked deposit, the eligible lendinginstitution shall repay the state treasurer any linked deposit principalreceived from borrowers in the previous yearly period and thereafter repaysuch principal within thirty days of the yearly anniversary date calculatedseparately for each linked deposit loan, and repaid at the linked depositrate. Such principal payment shall be accelerated when more than thirtypercent of the linked deposit loan is repaid within a single monthlyperiod. Any principal received and not repaid, up to the point of thethirty percent or more payment, shall be repaid within thirty days of thatpayment at the linked deposit rate. Finally, when the linked deposit istied to a revolving line of credit agreement between the bankinginstitution and its borrower, the full amount of the line of credit shallbe excluded from the repayment provisions of this subsection.
Loan package acceptance or rejection--loan agreementrequirements--linked deposit at reduced market interest rate,when.
30.758. 1. The state treasurer may accept or reject a linked depositloan package or any portion thereof.
2. The state treasurer shall make a good faith effort to ensure thatthe linked deposits are placed with eligible lending institutions to makelinked deposit loans to minority- or female-owned eligible multitenantenterprises, eligible farming operations, eligible alternative energyoperations, eligible alternative energy consumers, eligible locally ownedbusinesses, eligible small businesses, eligible job enhancement businesses,eligible marketing enterprises, eligible residential property developers,eligible residential property owners, eligible governmental entities,eligible agribusinesses, eligible beginning farmers, eligible livestockoperations, eligible student borrowers, eligible facility borrowers, oreligible water supply systems. Results of such effort shall be included inthe linked deposit review committee's annual report to the governor.
3. Upon acceptance of the linked deposit loan package or any portionthereof, the state treasurer may place linked deposits with the eligiblelending institution as follows: when market rates are five percent orabove, the state treasurer shall reduce the market rate by up to threepercentage points to obtain the linked deposit rate; when market rates areless than five percent, the state treasurer shall reduce the market rate byup to sixty percent to obtain the linked deposit rate. All linked depositrates are determined and calculated by the state treasurer. Whennecessary, the treasurer may place linked deposits prior to acceptance of alinked deposit loan package.
4. The eligible lending institution shall enter into a depositagreement with the state treasurer, which shall include requirementsnecessary to carry out the purposes of sections 30.750 to 30.767. Thedeposit agreement shall specify the length of time for which the lendinginstitution will lend funds upon receiving a linked deposit, and theoriginal deposit plus renewals shall not exceed five years, except asotherwise provided in this chapter. The agreement shall also includeprovisions for the linked deposit of a linked deposit for an eligiblefacility borrower, eligible multitenant enterprise, eligible farmingoperation, eligible alternative energy operation, eligible alternativeenergy consumer, eligible locally owned business, eligible small business,eligible marketing enterprise, eligible residential property developer,eligible residential property owner, eligible governmental entity, eligibleagribusiness, eligible beginning farmer, eligible livestock operation,eligible student borrower or job enhancement business. Interest shall bepaid at the times determined by the state treasurer.
5. The period of time for which such linked deposit is placed with aneligible lending institution shall be neither longer nor shorter than theperiod of time for which the linked deposit is used to provide loans atreduced interest rates. The agreement shall further provide that the stateshall receive market interest rates on any linked deposit or any portionthereof for any period of time for which there is no corresponding linkeddeposit loan outstanding to an eligible multitenant enterprise, eligiblefarming operation, eligible alternative energy operation, eligiblealternative energy consumer, eligible locally owned business, eligiblesmall business, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, eligible facility borrower, or eligible water supply system,except as otherwise provided in this subsection. Within thirty days afterthe annual anniversary date of the linked deposit, the eligible lendinginstitution shall repay the state treasurer any linked deposit principalreceived from borrowers in the previous yearly period and thereafter repaysuch principal within thirty days of the yearly anniversary date calculatedseparately for each linked deposit loan, and repaid at the linked depositrate. Such principal payment shall be accelerated when more than thirtypercent of the linked deposit loan is repaid within a single monthlyperiod. Any principal received and not repaid, up to the point of thethirty percent or more payment, shall be repaid within thirty days of thatpayment at the linked deposit rate. Finally, when the linked deposit istied to a revolving line of credit agreement between the bankinginstitution and its borrower, the full amount of the line of credit shallbe excluded from the repayment provisions of this subsection.
Loan package acceptance or rejection--loan agreementrequirements--linked deposit at reduced market interest rate,when.
30.758. 1. The state treasurer may accept or reject a linked depositloan package or any portion thereof.
2. The state treasurer shall make a good faith effort to ensure thatthe linked deposits are placed with eligible lending institutions to makelinked deposit loans to minority- or female-owned eligible multitenantenterprises, eligible farming operations, eligible alternative energyoperations, eligible alternative energy consumers, eligible locally ownedbusinesses, eligible small businesses, eligible job enhancement businesses,eligible marketing enterprises, eligible residential property developers,eligible residential property owners, eligible governmental entities,eligible agribusinesses, eligible beginning farmers, eligible livestockoperations, eligible student borrowers, eligible facility borrowers, oreligible water supply systems. Results of such effort shall be included inthe linked deposit review committee's annual report to the governor.
3. Upon acceptance of the linked deposit loan package or any portionthereof, the state treasurer may place linked deposits with the eligiblelending institution as follows: when market rates are five percent orabove, the state treasurer shall reduce the market rate by up to threepercentage points to obtain the linked deposit rate; when market rates areless than five percent, the state treasurer shall reduce the market rate byup to sixty percent to obtain the linked deposit rate. All linked depositrates are determined and calculated by the state treasurer. Whennecessary, the treasurer may place linked deposits prior to acceptance of alinked deposit loan package.
4. The eligible lending institution shall enter into a depositagreement with the state treasurer, which shall include requirementsnecessary to carry out the purposes of sections 30.750 to 30.767. Thedeposit agreement shall specify the length of time for which the lendinginstitution will lend funds upon receiving a linked deposit, and theoriginal deposit plus renewals shall not exceed five years, except asotherwise provided in this chapter. The agreement shall also includeprovisions for the linked deposit of a linked deposit for an eligiblefacility borrower, eligible multitenant enterprise, eligible farmingoperation, eligible alternative energy operation, eligible alternativeenergy consumer, eligible locally owned business, eligible small business,eligible marketing enterprise, eligible residential property developer,eligible residential property owner, eligible governmental entity, eligibleagribusiness, eligible beginning farmer, eligible livestock operation,eligible student borrower or job enhancement business. Interest shall bepaid at the times determined by the state treasurer.
5. The period of time for which such linked deposit is placed with aneligible lending institution shall be neither longer nor shorter than theperiod of time for which the linked deposit is used to provide loans atreduced interest rates. The agreement shall further provide that the stateshall receive market interest rates on any linked deposit or any portionthereof for any period of time for which there is no corresponding linkeddeposit loan outstanding to an eligible multitenant enterprise, eligiblefarming operation, eligible alternative energy operation, eligiblealternative energy consumer, eligible locally owned business, eligiblesmall business, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, eligible facility borrower, or eligible water supply system,except as otherwise provided in this subsection. Within thirty days afterthe annual anniversary date of the linked deposit, the eligible lendinginstitution shall repay the state treasurer any linked deposit principalreceived from borrowers in the previous yearly period and thereafter repaysuch principal within thirty days of the yearly anniversary date calculatedseparately for each linked deposit loan, and repaid at the linked depositrate. Such principal payment shall be accelerated when more than thirtypercent of the linked deposit loan is repaid within a single monthlyperiod. Any principal received and not repaid, up to the point of thethirty percent or more payment, shall be repaid within thirty days of thatpayment at the linked deposit rate. Finally, when the linked deposit istied to a revolving line of credit agreement between the bankinginstitution and its borrower, the full amount of the line of credit shallbe excluded from the repayment provisions of this subsection.
