39-2915.

Investment program; financial assistance for eligible project; procedures; requirements.

(1) The investment program may provide financial assistance to any eligible entity for any eligible project. Such financial assistance may be in any lawful form, including any loan, loan guarantee, line of credit, letter of credit, lease, lease-purchase agreement, interest-rate subsidy, or credit enhancement, or any other financing instrument that is approved by the commission.

(2)(a) All financial assistance provided by the investment program shall be evidenced by a financing agreement that sets forth the principal amount, interest rate, repayment schedule, security provisions, covenants, and remedies upon default.

(b) The commission shall establish:

(i) Standardized documents for financial assistance that is provided by the investment program; and

(ii) Credit criteria that will be applied when the investment program is deciding to provide financial assistance in order to ensure consistency, transparency, and fiscal integrity.

(3) Interest rates shall be set by the commission, within the limitations of section 45-101.03, to reflect project risk, market conditions, term length, and creditworthiness, and may include subsidies for projects of statewide significance or in economically distressed areas.

(4) The commission may charge an application fee for providing financial assistance from the investment program. Such fee shall not exceed one thousand dollars.